Former Bank of America Merrill Lynch (BofAML) executive Ambrish Singh will head the India operations of Lone Star Funds, a US-headquartered private equity and distressed assets investor, according to a report in Mint.
Citing two people it did not name, the report said that Singh will come on board as managing director and will be responsible for Lone Star’s investments across asset classes, including private equity, distressed debt and structured credit.
Lone Star Funds manages more than $45 billion in assets.
Singh was previously BofAML’s director of global credit and special situations group for India, Southeast Asia and Australia. He also held senior roles in Credit Suisse, Daiwa Securities Group Inc., ICICI Securities Ltd and Enam Holdings Pvt. Ltd.
In a separate development, Mindtree Ltd’s largest investor and Café Coffee Day founder VG Siddhartha is looking to sell his shareholding in the IT services firm even as private equity giant KKR is evincing interest in buying a large stake, Mint reported.
Two firms controlled by Siddhartha and a few other large shareholders are also leaning towards parting with their stakes, the report said citing three people in the know. However, the promoter group of the company, including the co-founders, are not interested in selling their stake.
Siddhartha had stepped down as an independent director in March. Together with his firms, he owns around 26% in publicly-listed Mindtree.