Private equity major Advent International has appointed former Thermax managing director Prakash Kulkarni to its operating partner programme. Kulkarni will advise Advent on Indian investment opportunities to help further the development of Advent’s presence in India.
Kulkarni was the MD of Thermax, India’s largest private sector boiler manufacturer, for seven years during which period its revenues increased from Rs 300 crore to Rs 2,400 crore. Kulkarni has served as the Executive Chairman at Gabriel India Ltd. since 2008 and an independent director on the Board of Sulzer India Ltd. since 2009.
In July 2009, Advent had also appointed former Axis Bank CEO P. Jayendra Nayak to the operating partner programme. But Nayak left in March this year to head Morgan Stanley's India operations.
“There are significant investment opportunities for Advent across key industrial sub-sectors in India, which is a sector of focus for us. Mr. Kulkarni’s valuable experience in some of these sub-sectors will be beneficial for Advent to differentiate our value proposition to our business partners,” said Georg Stratenwerth, Managing Director of Advent International’s operations in India.
Advent opened its office in India last year but made its first investment in October 2007. The firm has invested in Computer Age Management Services Ltd (CAMS), a transaction processing company providing investor record keeping services for mutual funds.