Providence Equity scales back India operations

The US private equity and credit investment firm plans to refocus on the US and Europe.

Providence Equity Partners is scaling back its India operations after a decade in the country to focus more on its US and Europe investments.

Former managing director Bis Subramanian, who led the US private equity firm’s investment activity in Asia and spent over 17 years with Providence also left the firm recently to pursue other interests, according to a spokesperson from the firm.

The spokesperson added: “While we have had many successful investments in India and appreciate the partnerships we developed with business leaders and entrepreneurs there, we are scaling back our operations in the country and focusing primarily on the US and Europe where we see significant opportunities.”

Varun Laul, a director at Providence based in New Delhi, will continue managing out the firm’s portfolio companies in India, a source with knowledge of the matter told Private Equity International.

Providence, which has $50 billion under management across private equity and credit funds, is known for its investments in media, communications and information industries.

The firm set up its office in New Delhi in 2007 and has since made investments in film distributor UFO Moviez India, telecom tower company Indus Towers, home shopping channel ShopCJ, cable broadband service Hathaway, and telecom provider Idea Cellular.

In March Providence fully exited its 3.3 percent stake in Idea Cellular for an estimated $199 million.