Former F1 owner CVC is setting up an office in India

CVC Capital Partners, the largest European private equity group that controlled Formula One (F1) for a decade, is coming to India.

The group will open its first Indian office in Mumbai, and would track rising buyout opportunities in the world's fastest growing major economy.

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For this purpose, its senior MD Siddharth Patel is all set to be moved to Mumbai and would also hire a senior executive from General Atlantic, people in the know told ET.

CVC Capital became an independent asset manager after the split of European unit of Citigroup Venture capital three decades ago. Its global buyout portfolio boasts of names like Samsonite, Douglas AG and Petco Animal Services.

Last year, F1 was sold to Liberty Media in a deal worth $4.5-billion, marking 450% ROI on a $1-billion stake that CVC bought a decade ago. This deal made CVC a top-league buyout firm.

Talking of Siddharth Patel, he joined CVC from UK rival Apax Partners seven years ago, and was also a part of Apax when it came to India nine years ago.

(Image source: Carillion)