Milestone's board to decide on Arya's successor
Milestone Capital’s board of directors will reportedly meet in the coming days to appoint a successor to CEO Ved Prakash Arya, who died last week when a coconut tree collapsed on him.
Arya is credited with setting up Milestone in 2007 and turning it into a company with $1 billion in assets under management. He helped to raise four real estate funds and broker joint venture partnerships with domestic private equity players IL&FS Investment Managers and Religare Venture Capital.
Milestone's board must determine how to find an executive to fill Arya's iconic shoes at the firm. "We regret to inform the sudden demise of our Managing Director, Ved Prakash Arya on 25th August'11," Milestone posted on its main webpage. "While all we are in the process of updating all information, please do not hesitate to contact us for any details or clarifications."
Milestone has already made several executive appointments this summer. In June, its joint venture Milestone Religare hired Lazard India's Srinivas Baratam and JM Financial Investment Managers Anant Kulkarni as joint managing partners, The Business Standard highlighted. The outfit plans to raise a $200 million offshore fund.
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