The Blackstone Group has rejigged its India operations, moving long-standing chief Akhil Gupta to the position of non-executive chairman and naming Amit Dixit and Mathew Cyriac as co-heads of the private equity unit. The development comes at time when Blackstone’s India private equity portfolio has come under increasing scrutiny, especially its listed investments.
Dixit and Cyriac, who were promoted as senior managing directors last year, will now lead the team of 19 private equity executives in Blackstone’s India office. It has invested $1.7 billion of equity in 20 private equity transactions over the last eight years, to become one of the most aggressive investors in the Indian market.
Blackstone’s real estate team is led by Tuhin Parekh, which has deployed over $600 million in the country to buy commercial properties over the last three years.
Dixit and Cyriac “will take over this role from Akhil Gupta who will assume the position of non-executive chairman of Blackstone India. In this role, Akhil will continue to help and guide Blackstone’s activities in India, working closely with the heads of its businesses,” said a statement from Blackstone.
“Blackstone is a force in Indian private equity, thanks in large part to Akhil’s leadership. We appreciate his tremendous contribution to the firm as the head of our business in India, and we look forward to his continued involvement as chairman of Blackstone India. Akhil has built a terrific team and we are confident that Amit and Mathew will continue driving our performance in Indian private equity,” said Blackstone president Tony James.
“We have built one of the strongest teams of investing and operating professionals in India, who will carry the momentum forward. I am delighted that, in my new stewardship role, I will continue to work with outstanding professionals of Blackstone, to be part of their continuing success, and also afford the time and flexibility to pursue my wider and global interests including academics and philanthropy,” said Gupta.
(Edited by Joby Puthuparampil Johnson)