Axis PE’s Gupta, Knight quit captive fund
Axis Bank, India's third largest lender has made no secret of its intentions of leaving the private equity industry. Over the last year, it has entertained a management buyout offer for Axis Private Equity (which has a INR600 crore ($133 million) infrastructure fund) from Alok Gupta, the fund’s founding managing director. Upon the failure of those negotiations, Axis reportedly received bids from six suitors including IL&FS Investment Managers, Aditya Birla Private Equity, Shapoorji Pallonji group and US-based Darby Private Equity.
Apparently the failure of the latest bid from a "international fund with an excellent reputation," was the last straw for Gupta, who resigned to pursue other opportunities; sources close to him say that...
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