Multiplex chain PVR Ltd’s group president, Pramod Arora has quit the firm and is in advance discussions to join private equity firm Everstone Capital.
Everstone Capital declined to comment on the development while PVR confirmed his resignation without giving further information. “Arora stepped down as group president with effect from September 1,” the firm said.
The PE firm has assets under management worth $2 billion and was founded by Sameer Sain and Atul Kapoor in 2006. Sain is the former joint venture partner of Kishore Biyani in Future Capital Holdings. Headquartered in Singapore, Everstone has 130 employees across five offices—Singapore, Mumbai, Delhi, Bengaluru and Mauritius.
Arora has spent 18 years at PVR and has expertise in finance, human resource management, corporate social responsibility, and public relations. He has also served as the chief operating officer at Oberoi Realty.
Everstone Capital has recently appointed a top executive from Goldman Sachs, L Brooks Entwistle as partner and Group CEO. He oversees the day-to-day management of the firm as well as leads the cross-border transactions and large deal origination. Brooks will also join the firm’s Partnership Committee which includes fellow Everstone Partners – Dhanpal Jhaveri, Jaspal Singh Sabharwal, PM Devaiah and Rajesh Jaggi.
Everstone has investments in fashion house Ritu Kumar, VLCC Healthcare, Tikona Digital, Future Media, Future E-commerce, YLG Salon, F&B Asia Ventures, Blue Foods and Capital Foods. It had recently formed a joint venture with the Burger King brand in India.
(Edited by Joby Puthuparampil Johnson)