The founding partners of Baring Private Equity Partners India — Rahul Bhasin and Subbu Subramaniam — have decided to part ways, the Economic Times reported on Wednesday.
Bhasin and Subramaniam have split due to differences over many issues, the paper said.
Bhasin is expected to buy out the stake owned by Subramaniam, who plans to launch another fund, the paper said. However, the settlement process is subject to arbitration as the partners could not reach an amicable settlement, it added.
“Our separation process in under arbitration with respect to the valuation of our respective stakes in the company,” the paper quoted Subramaniam as saying.
“He (Subbu) is no longer with the fund. I wouldn't like to comment further on employee matters,” Bhasin told the paper.
Baring Private Equity Partners could not be reached for a comment by Reuters.
Baring Private Equity Partners was founded in 1984 with Dutch major ING Group as the major investor.
In August 2004, the fund's managers bought out ING. After the buyout, the fund managers running the regional funds acquired ownership of their respective management companies with the right to use the Baring brand, the paper said.
Bhasin and Subramaniam had consequently acquired control of the Indian operations, the paper added.
Source: Reuters