Citi exec cancels move to KKR India

Abhijit Sen was to have joined KKR India as chief financial officer on 1 April, but will reportedly remain in his role at Citigroup instead.

Abhijit Sen, who was to take on the role of chief executive officer at private equity firm Kohlberg Kravis Roberts' India office starting 1 April, is not joining the firm, a KKR spokesperson confirmed.

At KKR, Sen was to oversee finance, compliance and administration in India. He was also to have responsibilities with the private equity firm's finance function in Asia. 

“Abhijit's vast experience supported by his expertise in finance, strategic planning and mergers and acquisitions will enable us to strengthen KKR's operations in India and throughout the region,” Sanjay Nayar, CEO and head of KKR India, said in a statement at the time of Sen's appointment. 

Sen was to have joined KKR from Citigroup, where he has headed the finance function in South Asia for the last 15 years. In his capacity as the CFO for South Asia, he has oversight over the bank’s finance function in India, Bangladesh and Sri Lanka, including acquisitions, strategic planning and divestures. Media reports suggest Sen will remain in his role at Citigroup.

KKR has made three investments in India thus far. The first of its deals was the $900 million investment it made in 2006 to acquire a controlling stake in Aricent, then known as Flextronics Software Systems. 

In September last year, the firm increased its stake in the company by investing another $255 million in the company alongside Canada Pension Plan Investment Board. 

In 2008, KKR invested $250 million for a minority stake in Bharti Infratel, a telecom tower company and subsidiary of Indian telecommunications company Bharti Airtel. In 2009, the firm invested in Max India, a multi-business corporate providing healthcare and life insurance services.