TVS Capital Funds, an India-focused growth capital firm, has strengthened its management team with the hire of D Sundaram as vice chairman and managing director.
Sundaram will join the firm in early July, Murli Ramachandran, executive director at TVS Capital, said in an interview. Sundaram was formerly spent 34 years working for Hindustan Unilever, one of India’s largest fast moving consumer goods company with interests in home and personal care products and foods.
Having joined the company in 1975 as a management trainee, Sundaram held various roles until most recently being appointed its vice chairman in April 2008.
TVS Capital Funds saw the final close of TVS Shriram Growth Fund, its maiden private equity venture, earlier this year. TVS Shriram Growth Fund is a INR6 billion ($125.2 million; €90.2 million) mid-cap fund that invests in regionally-focused companies in sectors such as healthcare delivery, privatised education, hospitality, specialty retail, consumer media and entertainment. It commits between INR100 million and INR500 million per transaction to acquire strategic minority interests and seeks active participation on boards of companies it invests in.
The fund has deployed 180 million Indian rupees in two transactions thus far, Ramachandran said. These include 9.9 Mediaworx, a diversified media company focused on consumer, business and professional communities; and TVS Logistics Services, which is engaged in the low cost sourcing and logistics management of automotive components.
TVS Capital Funds is a subsidiary of the TVS Group, an Indian conglomerate with diverse interests. TVS Group and Shriram Group, a financial services network, are the chief sponsors of the fund and have each committed about 500 million Indian rupees to the fund.