Private equity major 3i Group plc has appointed its infrastructure investments partner in India, Samir Palod, as a managing director in the country with immediate effect. Palod will report to Cressida Hogg, managing partner (infrastructure), based in London.
In his new role, Palod will lead 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.
Palod joined 3i in September 2005 and worked on investing and managing a number of investments, both in private equity and infrastructure space. These included Mundra Port, Welspun, ITL, BVG, UFO, Ind-Barath and KMC, among others.
Prior to joining 3i, Palod worked with the Citigroup for 10 years, across banking and investment banking. He also worked at Asian Capital Partners and Arthur Andersen, and has experience in the fields of telecom/media, energy, auto, consumer, metals & mining and financial services. He holds a B.Com degree from Bombay University.
“Palod will be leading our Indian team going forward. He has worked on a number of successful deals for 3i and has a deep understanding across our portfolio in India. I would also like to thank Anil Ahuja and Girish Baliga for their contribution to 3i and am pleased we will be retaining their expertise going forward,” said Simon Borrows, 3i chief executive.
Anil Ahuja and Girish Baliga resign
The company has also disclosed that Anil Ahuja, managing partner, and Girish Baliga, partner, will be leaving 3i to pursue other opportunities. The duo will, however, spend some time with 3i through a part-time consultancy agreement.
VCCircle had first reported last August that Anil Ahuja, 3i head of Asia and South-east Asia, is quitting the firm.
Ahuja joined 3i in April 2005 and has more than two decades of experience in international finance services. He is one of the earliest PE investors in India with over 10 years of investment experience. Currently, he serves on the board of Adani Enterprises Ltd and Vijai Electricals.
Baliga, who started his career with JP Morgan, joined 3i in November 2005 as a director and focused on the infrastructure space. Prior to 3i, he served at ChrysCapital and also worked with Whitefield Capital Investment Advisors.
Last year, 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 will build its infrastructure business, where it currently manages a $1.2 billion fund.
(Edited by Sanghamitra Mandal)