Blackstone Group LP (BX) named Amit Dixit and Mathew Cyriac as the co-heads of its Indian private-equity unit, replacing Akhil Gupta as the managers responsible for the company’s day-to-day operations in the country.
Gupta, who joined the world’s largest manager of alternative assets in 2005 from Reliance Industries Ltd., will become non-executive chairman of the Indian unit, New York-based Blackstone said in an e-mailed statement today. Cyriac and Dixit currently are senior managing directors, according to the company’s website.
Blackstone has invested $1.7 billion in 20 private-equity transactions in India over the last eight years, the company said today. It’s invested about $2.9 billion in total, with about a third in real estate. Some investments in listed Indian companies have lost more than three fourths of their value.
Blackstone bought a 50.01 percent stake in garment-maker Gokaldas Exports Ltd. (GEXP) for 7.69 billion rupees ($125 million) in August 2007 at 275 rupees a share. The stock closed at 56.55 rupees in Mumbai trading today.
The fund raised its stake in Financial Technologies Ltd. (FTECH), which controls India’s largest commodities exchange, to 6.1 percent in September 2012, exchange filings show. The shares of the Mumbai-based company have since fallen 83 percent.
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