- Nov 3, 2010
Apollo Management had picked 11% stake in Dish TV, the country’s largest direct-to-home (DTH) television service operator, for USD 100 million (Rs 465 crore) through global depository receipts in late 2009.
At around the same time, Patel (who is also a Co-Founder and now a Strategic Advisor at Mumbai-based Gaja Capital Partners that was started by a group of local investment-preneurs in 2004) had joined Apollo from Goldman Sachs where he served as the Managing Director in the Principal Investment Area, Co-Head of European Private Equity, and was also a member of Investment Committee at Goldman Sachs Group in the Merchant Banking Division.
Based in New York, Patel has around decades of alternative asset investing including growth capital, buyout, mezzanine and distressed experience. The MBA grad from Stanford who also has AB and SM degrees from Harvard, he now manages the AP Investment Europe Limited fund.
It was earlier reported that Mintoo Bhandari who set up Apollo’s India office in Mumbai in 2008 and is head of Apollo’s India operations, now reports to Patel.
Apollo had invested in Dish TV at a price of Rs 39.8/share. Dish TV closed at Rs 65.9 at BSE on Friday, giving Apollo unrealised gains of 65% in its little over one year investment.