Three senior ICICI Venture officials quit

Source :4 May 2010, 1858 hrs IST,PTI

MUMBAI: Three senior officials of ICICI Venture have submitted their resignations from the company.

The three officials are Jayanta Banerjee, President, Sunay Mathure and Anand Vyas, both Directors.

When contacted, an ICICI Venture spokesperson confirmed the resignations.

"They have resigned," the spokesperson said. While he did not say why they resigned, it is understood that the three are likely to set up their own private equity fund.

ICICI Venture presently manages assets to the tune of over USD 2-billion.

Last year, ICICI Venture's then Managing Director & CEO, Renuka Ramnath, had quit the company to launch her own private equity fund called Multiples Alternate Asset Management.

ICICI Venture is the private equity arm of ICICI Bank, India's largest private sector and second-largest bank overall.