KKR’s India platform CEO leaves

BV Krishnan has been replaced by Sanjay Nayar as head of KKR India Financial Services.

BV Krishnan, a member of KKR and CEO of KKR India Financial Services (KIFS), left his position in Mumbai last week, a Hong Kong-based spokeswoman for the alternatives asset giant confirmed to Private Debt Investor.

The reason for his departure was not disclosed. “BV Krishnan has played an important role in helping us build a great franchise, and we wish him the best in his future endeavours … Through KIFS, we will continue to provide the necessary capital to the homegrown businesses that have difficultly accessing flexible credit to help carry out their business plans,” a KKR statement said.

Sanjay Nayar, CEO of KKR India and executive director of KIFS, has been appointed CEO of KIFS, effective immediately, the firm added.

A disclosure from the Reserve Bank of India on 30 September showed KIFS is registered as a non-deposit taking systematically important non-banking financial company. It is understood that the balance sheet of the NBFC was leveraged at a 1.8 times level in October 2019.

PDI understands that KIFS has deployed as much as $6 billion across India since 2009, of which about $4 billion has been realised. Its current portfolio has up to 45 investment cases.

Abu Dhabi Investment Authority is known to be a stakeholder of KKR’s Indian non-banking financial company having acquired an undisclosed minority stake in KIFS, according to a KKR statement in December 2017.

A Hong Kong-based spokeswoman for KKR declined to comment further on KIFS’s ownership structure.

Tranzmute Capital & Management, a Mumbai-based business advisory firm, has an existing partnership with KIFS, according to a KKR statement in May 2018. Tranzmute provides business management, turnaround and restructuring services to investee companies in KIFS’s portfolio.