Blackstone promotes India-based PE executive

Jain joined the group in 2010 and currently serves as a managing director in its private equity division. He previously worked for McKinsey & Company on infrastructure and financial projects in India, and before that for Hindustan Unilever where he specialized in manufacturing and supply chains. Jain’s promotion was first reported by Bloomberg and has since been confirmed by AVCJ.

He is one of three India-based private equity executives – plus one operating partner – listed on the Blackstone website. Among them is Amit Dixit, a senior managing director and head of private equity in the country, who has been with the firm since 2007.

Blackstone closed its debut Asia-focused private equity fund last year with commitments of $2.3 billion, having previously invested in the region through its global vehicles. India activity in the last 12 months includes a growth capital investment in test preparation business Aakash Educational Services and two PIPE deals involving Future Lifestyle Fashions. The latter two transactions came via the firm’s tactical opportunities platform.

There have also been two buyouts: Aadhar Housing Finance was acquired from its financially stressed parent Dewan Housing Finance for a reported INR27 billion ($378 million); and a 51% stake in consumer goods packaging company Essel Propack (EPL) was purchased for INR32.1 billion, followed by a mandatory open offer for another 26%.

EPL is the world’s largest producer of laminated tubes, used to hold a wide range of liquids and gels including toothpaste, face wash, cosmetics, and pain relief creams. Blackstone’s goal is to help the company leverage its leading position in toothpaste to achieve growth in areas such as beauty and cosmetics, and create a fully-fledged multinational.

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• Topics
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