Morgan Stanley announced on Wednesday its private equity division, Morgan Stanley Private Equity (MSPE) will be establishing its presence in India. The MPSE will be functional from May 1. The firm also announced that it has hired Aluri Srinivasa Rao to be a senior member of its Asia private equity team and to run the group?s private equity investments in India. Rao joins (MPSE) from ICICI Venture as a managing director.
In a statement the firm said, ?Today?s announcement builds on Morgan Stanley?s growing presence in India, following the decision last year to develop a wholly-owned integrated platform in the country?. Morgan Stanley has been active in India since 1993. The country is a strategic priority and an area of continued investment. Morgan Stanley is seeking to develop an integrated platform in India that encompasses the full range of businesses the firm conducts globally, it said.
After separating from the joint venture partner JM Financials in February 2007, the firm had announced it will shortly set up its own operations, where it does not have any presence. Now, Morgan Stanley?s operations in India includes; institutional equities sales, trading and research; investment banking advisory and underwriting; investment management (mutual funds, real estate investing and, now, private equity); and Morgan Stanley Advantage Services.