KKR among suitors for India's Future Group
KKR has emerged as one of the key suitors for Future Capital Holdings, the financial services division of India’s Future Group. It joins JP Morgan and Piramal, the healthcare, manufacturing and real estate conglomerate, according to Reuters.
Kishore Biyani-backed Future Capital, with more than INR30 billion ($653 million) in assets under management, is estimated to be worth $214 million. The non-banking finance company specializes in consumer and mortgage loans and services related to consumer and wholesale businesses. The company claims to have grown its loan book from INR14.92 billion to INR31.45 billion during the 2010-2011 fiscal year.
Morgan Stanley has been hired to manage the sale process.
KKR has ramped up its capabilities in India in 2011. In January, the firm begun the process of raising a $1.5 billion India-focused fund, with KKR's founder Henry Kravis said to have been in the country drumming up support for the vehicle. And this month, KKR appointed former director of the Reserve Bank of India (RBI) D.S. Brar as a senior advisor in India, and appointed Dhiren Mehta, formerly of Nomura, as a director.
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