Milestone Capital approached with merger, buyout offers
Milestone Capital Advisors is considering a merger or buyout that has the potential to be the largest transaction ever seen in India’s private equity industry. It comes two months after Ved Prakash Arya, Milestone’s founder and CEO, died in a freak accident.
Arvind Bansal, one of the Milestone's independent directors, has told VCCircle that global private equity firms, corporations seeking entry to the PE business, real estate developers and other asset management firms have all expressed an interest in the company.
Milestone's board has yet to formally consider any proposals. Bansal added that Prahlad Shantigram, global head of M&A at Standard Chartered Bank India, is advising the Arya family in a personal capacity.
Milestone's principal investment areas are private equity and real estate, and it has joint ventures in both, as well as running independent funds. IL&FS is its joint venture partner in two real estate funds while there is a separate partnership with Religare covering private equity.
Ved Prakash died after in August being struck by a falling coconut tree - downed by high winds - while on a morning walk in Mumbai municipal garden with his wife, Rubi, who escaped serious injury. Rubi Arya, the global head of human resources at Kingfisher Airlines, and the deceased's brother Ashwein Arya, a director of fixed income, currency and commodities sales at Royal Bank of Scotland, were subsequently appointed to Milestone's board of directors.
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