SINGAPORE/HONG KONG, Sept 30 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
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)