Former Blackstone executive Mathew Cyriac set to buy ex-firm's 51% stake in International ARC
India by selling its controlling interest in a high-profile, six-year-old joint venture that includes Tata group, HDFC Bank and ICICI Bank. Mathew Cyriac, former PE co-head for Blackstone India, has emerged as frontrunner to buy a controlling 51% in IARC, said people in the know.
The exercise values International Asset Reconstruction Company (IARC) at Rs 200 crore, people aware of the proposed deal told ET.
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Cyriac's Florintree Advisors as well as Shriram Transport Finance were the final contenders. Non-bank lenders Capri Global and Authum Investments & Infrastructure had also shown initial interest in IARC.
Cyriac had joined Blackstone as its second employee in India in 2006, but left in February 2017 to start his own venture, having overseen the firm's first leadership transition in the country.
Tactical Opportunities
Set up in 2002 by Arun Duggal, a former managing director and chief executive of Bank of America in India, along with former State Bank of India chairman MS Verma, Blackstone Tactical Opportunities (BTO) Fund in September 2017 acquired a controlling interest in IARC.
The $40-billion BTO is now investing from its fourth fund of $10 billion.
In recent years, however, it has scaled down its Asia presence, following the exit of several senior executives such as Kishore Moorjani, senior managing director based out of Singapore. BTO invested around $75 million across
