In a top-level rejig at global private equity (PE) fund KKR, B.V. Krishnan, Chief Executive Officer of its non-banking financial company (NBFC) arm has stepped down from the post due to personal reasons. KKR India’s CEO Sanjay Nayar will take over the reins of KKR India Financial Services Pvt. Ltd.

The firm was one of the first global PE firms to set up lending operations in India. KKR India Financial Services, a non-deposit taking NBFC, which started operations in October 2009, is engaged in structured funding, promoter financing, acquisition funding, and mezzanine financing. 

Krishnan, a former Citi banker like the firm’s India country head Sanjay Nayar joined the firm in 2009. At Citi, he was the Director and head of structured products for fixed income, currencies, commodities and equity capital markets in India. Prior to that, he was a senior banker at the corporate and investment bank at Citigroup.

A spokesperson from the financial services firm stated, “BV Krishnan has played an important role in helping us build a great franchise. Looking ahead, KKR remains committed to the Indian market for the long-term. Through KIFS, we will continue to provide the necessary capital to the homegrown businesses that have difficulty accessing flexible credit to help carry out their business plans.”

Krishnan’s exit comes at a time when the NBFC’s recent loans have not done well, which is reflected in the spike in non-performing assets. Earlier in the month, rating agency Crisil also downgraded the former’s long-term debt instruments and bank facilities, signaling the stress in the portfolio on account of the growth slowdown and liquidity crunch in the credit market. The firm had also let go other members including MD Tashwinder Singh earlier in the year after a broad rejig of operations. It remains to be seen how far the firm's loan book will be affected if the slowdown persists for more quarters.

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