Morgan Stanley Private Equity has announced it will establish a presence in India and has hired Aluri Srinivasa Rao, previously director of private equity at Icici Venture, as a managing d
Morgan Stanley Private Equity has announced it will establish a presence in India and has hired Aluri Srinivasa Rao, previously director of private equity at Icici Venture, as a managing director to run its private equity investments in the country. The move follows Morgan Stanley’s decision last year to develop an integrated platform in India, where it has been active since 1993.
‘Building on our successful track record in China and Korea, and across other markets in Asia, we are excited to be entering the India market,’ says Chin Chou, the Hong Kong-based managing director and chief executive of Morgan Stanley Private Equity Asia.
‘We see significant investment opportunities and are delighted to have attracted a world-class professional such as Aluri to join the regional team and to run our private equity platform in India.’
At Icici Venture, Rao led various private equity transactions, particularly in the health care sector, including the buyout of allied businesses of Ranbaxy Laboratories, a tie-up with Dr Reddy’s, roll-ups such as Iven Medicare and Swiss Biosciences, and growth investments in Avesthagen, Arch Pharma, Malladi, Bharat Biotech, Metropolis and Onconova. He previously held various senior positions with Indian pharmaceutical companies.
According to Chou, this year represents one of the most attractive times to be investing capital in India and across the wider region. Morgan Stanley Private Equity Asia will invest in India through Morgan Stanley Private Equity Asia III Fund, which closed in the third quarter of last year with USD1.5bn in capital commitments from investors including institutions and high net worth individuals as well as Morgan Stanley and its employees.
‘Private equity will form a critical component of our India platform,’ said Narayan Ramachandran, a managing director and country head of Morgan Stanley in India. ‘Clients look to us not just for our advisory capabilities, but also for capital. Through our principal investing platforms and the funds we manage, which in India will now include private equity, we are partnering with successful growth companies across India.’
‘I am excited to be joining Morgan Stanley,’ says Rao, who takes up his new position on May 1. ‘The firm has a global commitment to private equity, a unique franchise and impressive investment returns in Asia. This has been built on the strength of its network and brand, its disciplined and creative investment approach and the quality of its people.’
Morgan Stanley Private Equity Asia has invested in the region for more than 15 years and its recent investments include Belle International, Dongxiang Sports and Shanshui Cement in China, Rotem and Ssangyong in South Korea, CTCI in Taiwan, and Asia Capital Reinsurance in Singapore.
It is part of Morgan Stanley’s global private equity business within the merchant banking division of Morgan Stanley Investment Management, which sponsors traditional private equity funds, infrastructure-focused funds and the firm’s real estate investment platform.
