UBS India chief Aashish Kamat quits; March Capital may open office in India
Photo Credit: Shah Junaid/VCCircle

Aashish Kamat has resigned as the chief executive officer of Swiss banking giant UBS’s India operations, The Economic Times reported.

Kamat will be replaced by Harald Egger, who is currently head of group corporate services and sourcing at UBS, the report said. It didn't specify where it got the information from.

Kamat took over as UBS India head in 2011. He was previously the chairman of UBS’ financial institutions group in Asia. The report said he is likely to continue till January next year to enable a smooth transition.

In another report, The Economic Times said that California-based venture capital firm March Venture Capital Management Services LLC, which operates as March Capital Partners, is likely to open an office in India next year.

The investment firm is also looking to close its next set of investments in India, the report said. However, it did not provide details of the target companies.

March Capital previously invested in automobile classified portal, according to VCCEdge, the data research platform of VCCircle.

“We have liked companies that can create efficiencies in large markets without the need for owning their inventory or warehouses. We are looking at some interesting opportunities, and are open to both, enterprise and consumer-facing businesses,” Sumant Mandal, managing director of March Capital Partners, told the financial daily.


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