KKR India credit head quits amid debt market crisis

The chief executive officer of KKR India Financial Services (KIFSPL), BV Krishnan, has moved on from the non-banking financial services arm of KKR India. A chartered accountant and former Citigroup banker, Krishnan joined KKR in 2009.

The non-banking arm of KKR India handles alternative credit products and alternative investment funds. Krishnan was also a member of the India corporate credit investment committee, India real estate credit investment committee and their respective portfolio management committees.

Confirming his departure from the company, a KKR spokesperson said, “BV Krishnan has played an important role in helping us build a great franchise, and we wish him the best in his future endeavours. Looking ahead, KKR remains committed to the Indian market for the long term and we continue to recognise the important role KIFSPL plays in supporting the local economy”. KIFSPL has been supporting home grown businesses by providing flexible credit for business growth.

India’s NBFC sector has been reeling under a lot of stress post the fall of IL&FS last year, followed by defaults reported by Dewan Housing Finance Company (DHFL) and the most recent Altico Capital India. More than half of the financing unit’s loan book of Rs 5,900 crore is in moratorium, Crisil said earlier this month while downgrading KKR’s long-term debt by a notch to AA.

Incorporated as a private limited company in 1995, KIFSPL is registered with the Reserve Bank of India as non-deposit taking NBFC.

However, it is a systemically important NBFC as defined in ‘Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015’, issued by the Reserve Bank of India.