UPDATE 2-Temasek India head Kejriwal steps down to start fund
SINGAPORE/HONG KONG, Sept 30
SINGAPORE/HONG KONG, Sept 30 (Reuters) - Singapore state investor Temasek Holdings said on Friday that its India head, Manish Kejriwal, has decided to step down to explore the creation of a new fund in India, the latest in a series of changes in the investment firm's management.
The fund will not be capitalized by Temasek, a source familiar with the matter told Reuters.
"Manish is doing his own thing," the source said.
Kejriwal, the son-in-law of Rahul Bajaj, chairman of Bajaj Auto Ltd , is teaming up with Sunish Sharma, managing director of General Atlantic, to start a private equity fund, trade publication VCCircle reported on Friday.
Neither could be reached for comment on Friday.
"Kejriwal and Sharma are likely to raise a fund which will focus on large-sized growth deals," the publication said, citing three sources.
Kejriwal, a former Partner at McKinsey & Co, joined Temasek in 2004 and oversaw the firm's investments in India and the financial services sector.
Temasek's India investments under Kejriwal include a stakes in Bharti Airtel , India's biggest cellular carrier.
Rohit Sipahimalani will take over from Kejriwal as head of Temasek India, the company's spokesman, Stephen Forshaw, said.
Chia Song Hwee, formerly chief operating officer at Globalfoundries, will join as co-head of portfolio management at Temasek Holdings, Forshaw said.
Kejriwal will remain a senior advisor to Temasek, he said.
In the last few months, a number of senior executives in the company have moved to funds linked to the state investor or have left the company. (Reporting by Saeed Azhar and Nishant Kumar; Additional reporting by Indulal P.M. in Mumbai; Editing by Matt Driskill and Tony Munroe)
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