Berggruen announces top brass for its India unit

MUMBAI: US-based Berggruen Holdings on Tuesday announced its top management that would spearhead its $300 million multi-sector Indian investment plan as it gears up to invest in warehousing and retail in the year ahead.

Berggruen Holdings manages assets of Nicholas Berggruen exceeding $1 billion and has already made investments in US, Europe, Turkey and Israel.

"Berggruen Holdings has already deployed about $100 million in start-up projects in India encompassing education, hospitality, real estate, car rental, IT and IT-enabled services and construction equipment rental," Berggruen Founder & President Nicolas Berggruen told reporters here.

"Berggruen's plans for warehousing and retail may involve local partners," he said.

"Each of the individuals own substantial equity in each of the businesses," Kabir Kewalramani, Founding Director of BH Advisors that acts as the investment advisor to Berggruen in India, said.

Sanjay Sethi heads the hospitality business as Berggruen Hotels' Managing Director and CEO. "Bergguen Hotels that has three projects already in progress has received $25 million funding so far," Berggruen said.