Shailendra Bhandari, the head of Tata Capital's private equity business, has quit less than a year after he joined the firm. Bhandari, who was former managing director and CEO of PE-controlled Centurion Bank of Punjab (CBoP), will leave to pursue other opportunities by the end of July 09, a Tata Capital statement said. It is not yet known where Bhandari is headed.
Bhandari had earlier worked with HDFC Bank, and thereafter became the CEO of ICICI Prudential Mutual Fund. He later became the CEO of Centurion Bank, and spearheaded its acquisitions like Bank of Punjab and then Lord Krishna Bank before Centurion Bank of Punjab itself was bought out by HDFC Bank.
The company added in its statement that "Tata Capital remains fully committed to it’s Private Equity strategy and the launch of the Company’s funds are well on track."
Tata Capital launched its ambitious private equity foray, planning multpile funds last year. The firm is planning to launch its first fund of $350-500 million focusing on mid-cap firms in coming months,
according to reports. It's also planning a $100 million fund for the technology sector to be followed by a healthcare fund.
Tata PE also appointed Lauris Capital's Harshawardhan Sabale to co-head its private equity division. Sabale has also left the firm, and is no longer associated with Tata Capital, a spokesperson informed. Another co-head of the fund is Pramod Ahuja.