Morgan Stanley and ICICI Venture build India teams

Morgan Stanley has signalled its plans to focus more on private equity investing in India by hiring industry veteran, Alluri Srinivasa Rao. Rao announced earlier in April that he was leaving ICICI Venture but did not confirm where he was going. Meanwhile, ICICI Venture, India's largest domestic private equity player, is not dwelling on Rao's departure, having added a few veterans of its own to its ranks.

Morgan Stanley has poached an experienced professional in the private equity field. Rao has played a leading role at ICICI Venture since 2002. The private equity firm is a subsidiary of India's ICICI Bank and has assets worth $1.5 billion. Rao came...