Altico Capital’s ex CEO Sanjay Grewal joins KKR

Altico Capital’s ex CEO Sanjay Grewal joins KKR


Mumbai: Sanjay Grewal, former chief executive officer (CEO) of troubled real estate financier Altico Capital, has joined global private equity fund KKR & Co. Grewal will head the newly formed renewable energy vertical of KKR in India, said two people aware of the development.

Following the default on payments and tussle with lenders, Grewal had quit Altico in September.

Sanjay Grewal has 30 years of infrastructure and real estate sector experience across Asia. Prior to Altico, Sanjay Grewal was the Corporate & Investment Banking Head of Infrastructure Development Finance Company, and he co-led IDFC’s core $11 billion infrastructure business and structured finance transactions.

He held senior positions with Citi, Lehman Brothers and International Finance Corp, the investment arm of the World Bank.

A KKR spokesperson declined to comment while Grewal did not respond to calls and messages.

In 2018, KKR had hired Hardik Shah, formerly with Brookfield Asset management, as director to head its infrastructure investments in India.

KKR, an active investor in infrastruture space globally, has made two investments in India from its Asia infrastructure fund. Recently, the fund had acquired five solar energy assets from India’s Shapoorji Pallonji Infrastructure Capital in a deal worth about Rs1554 crore ($204 mn). The portfolio comprises 169 MW assets in Maharashtra and assets with a capacity of 148 MW in Tamil Nadu.

It had invested $400 mn last year to take control of India Grid Trust, an infrastructure investment trust, along with Singapore’s GIC. KKR is in the process of raising its debut Asia infrastructure fund, with a $3 billion target.

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