International U-turn in Indian investments gather momentum as Banc of America Equity Partners (BAEP) — the private equity investment arm of Bank of America has closed down its Indian operations
Babu Ghanta
Aug. 20, 2006

This was a total embarassment for bank of America. When contacted, Vishwavir Ahuja, managing director and CEO of Bank of America, declined to comment on the development, saying the bank and its private equity wing always functioned independent of each other.

Surprised with the sudden move, analysts attributed the closure to possible accumulation of bad assets.

Some of the investment decisions, sources close to the organisation said, did not yield the right results.

“The decision to close down its operations was taken a few months back, and some of the employees were asked to go,” they added. At one point of time, the pure private equity player was running a book of over Rs 200 crore.

International U-turn in Indian investments gather momentum as Banc of America Equity Partners (BAEP) — the private equity investment arm of Bank of America has closed down its Indian operations
Babu Ghanta
When contacted, Vishwavir Ahuja, managing director and CEO of Bank of America, declined to comment on the development, saying the bank and its private equity wing always functioned independent of each other.
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