(Bloomberg) -- The head of KKR & Co.'s credit business in India is leaving the firm as the New York-based alternate asset manager works on merging the local unit into another lender, according to people familiar with the matter.
Kapil Singhal, who was leading KKR India Financial Services Ltd. since February, has resigned, the people said, asking not to be named as the information isn't public. He had succeeded B. V. Krishnan, who left the firm last year as a prolonged upheaval in India's debt market worsened the lender's credit metrics.
The U.S. parent had subsequently pledged a $150 million equity infusion to support the local credit unit and plans to merge it with InCred Financial Services Ltd., backed by former Deutsche Bank AG co-chief executive officer Anshu Jain.
A representative for KKR declined to comment.
KKR on Monday also announced other changes in India. Gaurav Trehan, who joined from TPG Capital, will oversee KKR's private equity business from Dec. 31 as Chief Executive Officer Sanjay Nayar becomes chairman.
Read more: KKR Names New PE Chief in India as Nayar Becomes Chairman
A surge in provisions to cover rising bad loans at KKR's India credit unit led to a $201 million loss before tax in the nine months to December 2019, and wiped off about 40% of the firm's net worth, according to Crisil Ltd.
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