The UK-based 3i Group Plc, a global investor focused on mid-market PE, infrastructure and debt management across Europe, Asia and the Americas, has appointed Arun Nanda as non-executive chairman of its Indian operations, according to a statement.
Nanda currently holds a number of non-executive roles with Mahindra & Mahindra group companies, including that of non-executive chairman of Mahindra Holidays and Resorts India Ltd and Mahindra Lifespace Developers Ltd. He has over 40 years of experience with the country’s major utility vehicle and tractor manufacturer.
“Arun brings in-depth knowledge of the region, broad insights into the Indian business landscape and an extensive network of relationships. This is a high profile appointment which reinforces our commitment to managing our existing investments and maximising value for our shareholders and the limited partners in our funds,” 3i said on Thursday.
This comes a year after 3i named its infrastructure investments partner in India, Samir Palod, as the new managing director in the country. Palod leads 3i’s India team of investment professionals, based in Mumbai and Delhi, who focus on managing infrastructure investments from 3i’s India Infrastructure Fund and its private equity portfolio.
Two years ago the 3i Group said it was planning to cease making any fresh PE investment in India and wanted to focus on the existing portfolio as a part of its new strategy. The London Stock Exchange-listed investor was looking to build its infrastructure business, where it currently manages a $1.2 billion fund for India. This fund completed its investment period in November 2012 and last year said it also plans to stop infrastructure investments in the country.
(Edited by Joby Puthuparampil Johnson)