Cerberus Capital's Indranil Ghosh quits to join Apollo Global

NEW DELHI: Cerberus Capital's head of Asia special situations Indranil Ghosh has quit the private credit provider to join rival Apollo Global Management, people aware of the development told ET. Ghosh will join as co-head of hybrid investments for India for Apollo Global Management, they said. He was based in Singapore and is likely to move back to India in the new role.

Ghosh will work alongside Suresh Maramreddy, who is one of the managing directors at Apollo Global Management in India, sources said.

"Cerberus is firmly committed to its strong platform in India and intends to further expand its business interests in the market," said a spokesperson for Cerberus Capital. Apollo Global Management and Ghosh did not respond to ET's queries.


Cerberus Capital, with a $1-billion-plus India loan book, is amongst the largest financiers of bonds issued by Shapoorji Pallonji group companies that are backed by Tata Sons shares, with an exposure of about $700-800 million. It has also recently financed HNG's takeover by Independent Sugar Corporation.

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Cerberus Capital's India team, led by managing director Vikas Upadhyaya, has not witnessed any people movements.

Apollo Global Management, which has $840 billion in assets under management globally, is looking to build up its private credit business in Asia and recently roped in former BlackRock executive Celia Yan as head of Asia hybrid investments.

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The firm is looking to double its investment portfolio in India from $2 billion at present. It recently saw its India head of private equity Utsav Baijal exit to join rival Bain Capital.

Ghosh, a former ICICI Bank executive, has also worked with Citigroup and Lehman Brothers in the past.