Blackstone Group LP has appointed former Graviss Group managing director Dalip Sehgal as the chief executive officer of Nexus Malls, the wholly-owned subsidiary of the global private equity firm’s retail real estate business.
Sehgal will oversee the operations of Nexus Malls’ assets, besides expanding its footprint across geographies, Blackstone said in a statement.
An economics graduate from the University of Delhi, Sehgal had secured an MBA degree from the Faculty of Management Studies, Delhi.
He had a 25-year stint in Anglo-Dutch multinational, Unilever. As a member of the management committee of Unilever’s India unit Hindustan Unilever, he incubated and launched innovative new businesses such as Pure It water purifiers and Project Shakti for doubling rural distribution reach using women self-help groups, the statement said.
Sehgal had also served as the managing director of consumer major Godrej Consumer Products, before moving to hospitality and foods business firm Graviss Group, formerly Ghai Enterprises, as its MD.
“We are committed to grow our retail portfolio and bring in the best management talent to provide high quality experience for both our customers and retail partners,” said Tuhin Parikh, senior managing director, Blackstone.
The private equity firm had entered the real estate sector in India in 2011, striking two deals for office parks in Bengaluru and Pune. The following year, it had acquired a 50% stake, each, in two other office parks in the two cities for about $345 million.
In late 2015, Blackstone had set the ball rolling on its retail game plan with the acquisition of Gurgaon-based Alpha G:Corp’s retail assets in Amritsar and Ahmedabad under the AlphaOne brand. Subsequently, it had acquired Westend Mall in Pune and an under-construction shopping mall which was being developed by L&T Realty. Blackstone now manages seven malls under the Nexus Malls brand.
The PE giant has invested almost $2.7 billion across 19 transactions in India’s real estate sector over the past decade.
Like this report? Sign up for our daily newsletter to get our top reports.