Morgan Stanley to launch India private equity unit
MUMBAI, April 23
MUMBAI, April 23 (Reuters) - Morgan Stanley (MS.N) will start a private equity unit in India, where it already runs an investment bank and an asset management firm, the U.S. firm said on Wednesday.
The unit, to be launched on May 1, will be headed by Aluri Srinivasa Rao who has joined from ICICI Venture, a unit of India's No. 2 lender, ICICI Bank (ICBK.BO), Morgan Stanley said in a statement.
"Private equity will form a critical component of our India platform," said Narayan Ramachandran, managing director and country head of Morgan Stanley in India.
Global financial firms and domestic banks are expanding into private equity in India where a rapidly growing economy has opened up big opportunities.
Government-run State Bank of India (SBI.BO), India's biggest lender, said on Wednesday it was in talks with foreign partners to launch private equity funds.
Morgan Stanley said it would invest in India through its Asia-dedicated private equity fund. The $1.5 billion fund closed in the third quarter of 2007. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- Iran hangs woman convicted of killing alleged rapist
- Google's Pichai to oversee major products and services
- Modi takes tea, but no questions, in first press event as PM
- UPDATE 2-Motor racing-Caterham and Marussia to miss next races - Ecclestone
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article