Morgan Stanley, the second-biggest U.S. securities firm, will set up a private equity unit in India from May 1, the company said in an e-mailed statement today.
The New York-based company also said it has hired Aluri Srinivasa Rao from ICICI Venture, a unit of ICICI Bank Ltd. and India's largest private equity fund, as a managing director. Rao, 43, will run the group's private equity investments in India, the statement said.
“We are excited to be entering the India market,'' Chin Chou, managing director and chief executive officer of Morgan Stanley Private Equity Asia, said in the statement. This year presents one of the most attractive times to be investing capital in India, he said.
Morgan Stanley's private equity unit will invest in India through its third fund dedicated to Asia, which manages $1.5 billion, the company said. (Bloomberg)