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Grapevine: Carlyle looks for another India MD as Vikram Nirula on way out
Photo Credit: Reuters

Private equity firm Carlyle is searching for a new managing director in India to replace Vikram Nirula, who will soon leave the firm, a media report said.

The US-based buyout firm has hired Egon Zehnder, a corporate head hunter, to find Nirula’s replacement, Bloomberg reported, citing people familiar with the matter.

Nirula had joined Carlyle in late 2018 after spending 18 years at homegrown PE firm True North. He was part of the team that set up True North, earlier called India Value Fund Advisors, in 2000.

Carlyle has one more managing director in India—Neeraj Bharadwaj, who joined the firm in 2012. Bharadwaj previously worked at venture capital firm Accel and PE firm Apax Partners.

Carlyle also has at least two directors and two principals at its Mumbai office, its website shows.

Nirula had joined Carlyle after two Mumbai-based managing directors quit the PE firm. Shankar Narayanan and Devinjit Singh had resigned earlier in 2018 to launch their own PE funds.

Carlyle began investing in India in 2000 and opened its Mumbai office in August 2005. It has invested in nearly three dozen Indian companies over the past two decades. These include SBI Cards, SBI Life Insurance Company, Metropolis Healthcare Ltd and PNB Housing Finance Ltd.

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