Milestone CEO Ved Prakash Arya Passes Away

26 August, 2011

Ved Prakash Arya, who had set up Milestone Capital four years ago after successfully sketching a career in the retail sector, passed away after he met with a freak accident on Thursday morning. Toasted as one of the youngest and brightest names in the retail space who switched over full time to the fund management business in 2007, the 41-year-old is survived by wife and two children.

Incidentally, this is the second death in the private equity industry in the last 10 days. On the morning of August 15, Mayukh Mitter, senior vice-president at Government of Singapore Investment Corp or GIC, the sovereign wealth fund of Singapore, died of a heart attack. Mitter, based out of Singapore, was with the investment firm for 11 years. His responsibilities included making PE investments with a focus on Asia, particularly Japan, India, Indonesia and South Korea.

Under Arya’s able leadership, Milestone Capital scaled up quickly to become a prominent domestic private equity firm, with assets under management of nearly $1 billion. He also struck a few joint ventures, including one with IL&FS Investment Managers and another with Religare Venture Capital.

However, Arya did face certain setbacks recently. On the one hand, Milestone Capital could not see through a planned public issue and withdrew its prospectus earlier this year. Also, Milestone’s fund joint venture with scam-tainted Money Matters Financial Services came unstuck due to its partner being accused of bribing senior officials of public sector financial institutions for arranging corporate loans. Then again, Milestone Religare, another of its JVs, had witnessed some top management flight.

Arya, who used to take part in Mumbai half-marathons, had set up a fairly young top management team at Milestone with most key executives in their early 40s, while bringing in experience in the boardroom. It is to be seen whether the board elevates one of the existing team members to Arya’s position or brings in an outsider to lead the firm.

An engineering graduate from the University of Rajasthan and an alumnus of IIM-Ahmedabad, Arya had spent a year in ESSEC, France, doing research work. He had also completed an Advanced Management Program from Harvard Business School.

Earlier, he was the COO and director (operations) at Pantaloon Retail (India) Ltd, and one of the key persons driving Pantaloon Group’s Real Estate Venture Fund, Kshitij & Horizon. He also helped set up Globus Store Pvt Ltd for the Rajan Raheja Group in 1998 and was its CEO till March, 2004. Arya was also the founder-director of the Retailers Association of India. A regular speaker at industry events including VCCircle Investment Forums, he will be missed by the retail industry and the investment community alike.

 


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18 Comments
Team o3 . 5 years ago

Sad to hear the news. May his soul rest in peace

Umesh N. Jhawar . 5 years ago

I am shocked to hear this bad news. Arya was a dynamic leader and a genuine people caring person. May God give enough strength to his family to hail through this sad phase.

murali . 5 years ago

It is one of the biggest loss (Ved Prakash Arya)to the Industry. The Industry has lost an able leader.

Umesh Luthria . 5 years ago

While the nation has lost an extremely talented person – may his work serve as inspiration for generations that honesty and hard work do pay in this Country and success is not something reserved for just the elite.

Devendra Agrawal on behalf of Resonance . 5 years ago

This is extremely sad news. A person with very positive attitude and brings positive energy to every one who comes in touch with us. The resonance senior management is saddened to hear this news. May his soul rest in piece and God gives strength to his family, Milestone team and close associates to sail through this sad phase.

AJ . 5 years ago

Ved was a brilliant mind and his premature passing is deeply distressing. Pray for his family in this trying time.

uday gokani . 5 years ago

he was a friend .a guide,a good motivator. we will all miss him alot

Gopal Saneja . 5 years ago

I am completely shaken & yet to come on terms with the News, I had known Ved from Globus days and had a opportunity to be a part of his team at Milestone. He was a Dynamic Personality & a very concerned human for others. May his Soul rest in peace.

Manoj Pandey . 5 years ago

I am shocked hear about his demise , may god give peace to his soul

Manoj Pandey . 5 years ago

I am shocked to hear about his demise , may god give peace to his soul

ram ramachandran . 5 years ago

I was deeply shocked to hear the news that the man with a vibrant voice and ever so smiling & energetic is no more! I knew Vedji during my days in Retailers Association of India (RAI), the industry body for organised retail of which, Vedji was a Founder Director. I still remember the day, when seeing Vedji I bought a pink shirt with white collar & cuff – Vedji used wear such Shirts and he looked cute in that. A supra-intelligent and astute professional, a rare breed the retail world will never see again! To me what appealed was his forthrightedness and he used to be upfront about his view points. His eyes…I thought always had a “khoj” and I wonder whether that was realised! He was a good human being and certainly it greatly premature that God decided to call him back and certainly not in this manner. My heartfelt condolences to Vedji’s family and may I join all those hearts that pray for this wonderful soul to rest in peace. Ram

Pramod Kshirsagar . 5 years ago

Its very shocking news of sad demise of young professional.I prey almighty to give enough strength to his family to bear this great tragedy.

Ravindra Singh Bhatnagar . 5 years ago

Shocked beyond words. I had known ved from his school days. very pleasing personality. God’s plans! We pray to the Almighty to grant eternal peace to his sacred departed soul. Give courage to Ruby, children and his parents.

Dr Srini . 5 years ago

Really extreamly sad news. I had a great opporunity to interact with him few times. Highly talented and down to earth person with any – negative attitude or ego. Really its a loss to retail sector bcoz he is one of the great visionery.

R.KURUP . 5 years ago

I AM SHOCKED AND ONE OF MY GOOD FREIND HAS LEFT ME.MAY GOD GIVE LOT OF STRENGTH TO

HIS FAMILY

Nawal Ahmed . 5 years ago

Shocked and saddened to hear the news. Met Ved on several business propositions in Kuwait. Found him to be truly a gentleman. Pray for the best for his family, friends and loved ones.

Anil . 5 years ago

Ved’s premature death in a freak mishap is extemely distressing.

I pray to the almighty for the departed soul of my dear friend.

I also pray for his family to give them strength for the ir-repairable loss.

vibha bhatnagar . 5 years ago

ved nahee hai ,sun kar vishvas nahee ho raha,sab chote se samne bare huye..ishvar uskee aatma ko shantee de aur jeevan sathee rubee n pyare bachcho ko ess dukh kee gharee sahne kee apar shaktee pradan kare…ved bete saman raha ..uskee nishchal bate -yaden hee sab ka sambal hai…vibha mousee .udr

Milestone CEO Ved Prakash Arya Passes Away

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