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Blackstone India PE head Akhil Gupta replaced by two new co-heads

  • Andrew Woodman
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Akhil Gupta, the head of Blackstone's Indian private equity operations, is to be moved to a non-executive role as managing directors Mathew Cyriac and Amit Dixit are brought in to co-head the unit.

Gupta, who has led the team since 2005 and was responsible for the firm's portfolio investments, will become a non-executive chairman of Blackstone India.

The changes come at a time when the firms Indian portfolio is seen to have struggled in the face of slow economic growth and a dramatic drop in the value of the rupee. Blackstone India currently has 19 investment and portfolio operations professionals in its private equity team and 9 professionals focused in real estate.

It is one of the most active investors in the country having invested $1.7 billion of equity in 20 private equity transactions over the last eight years. By contrast it has only invested in eight companies in China and the rest of Asia.

"Blackstone is a force in Indian private equity thanks in large part to Akhil's leadership," said Tony James, Blackstone's president, in a statement. "We appreciate his tremendous contribution to the firm as the head of our business in India, and we look forward to his continued involvement as Chairman of Blackstone India."

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