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Axis CEO Arun Korati steps down to join IL&FS

29 Oct 2012

Axis Private Equity head Arun Korati is understood to be resigning to join IL&FS Investment Managers just 18 months after taking over at the top of the firm.

Korati is waiting for board approval for the move, according to The Economic Times of India.

The former Global Steel director was named acting CEO of Axis in March last year after managing director and CEO Alok Gupta quit the firm for personal reasons.

Korati joined Axis in 2007, rising to executive director before being given the top job.

He was previously a managing director for the $355m Asia Equity Infrastructure Fund.

IL&FS is one of the largest and oldest private equity fund managers in India with more than $3.2bn under management, according to its website.

Its current investments include department store chain Shoppers Stop, the Noida Toll Bridge Company and Gujarat Pipavav Port.

IDFC Alternatives reaped a two times cash return on investment by selling a stake in the latter for $18.7m last month.

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