<article>Ajay Relan, the founder and managing partner of private equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=CX+Partners" target="_blank">CX Partners</a>, is stepping down from day to day management of the firm.</article>

Ajay Relan, the founder and managing partner of private equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=CX+Partners" target="_blank">CX Partners</a>, is stepping down from day to day management of the firm.
Jayanta Kumar Basu, a partner in the firm who has been with the firm since its inception, will take over as managing partner.
&#8220;I am now transitioning into a position of founder chairman and letting Jayanta run the company and manage it on a day-to-day level. We have a succession plan which we are now executing and the transition is happening in a couple of days on my 62nd birthday,&#8221; said Relan in a chat with DealStreetAsia.
Basu is a graduate of the Indian Institute of Management, Ahmedabad, and St Stephen&#8217;s College, Delhi. Prior to joining CX Partners, he had more than eight years of investing experience at <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Citigroup+Inc" target="_blank">Citigroup Inc</a>.’s private equity arm in India, which Relan used to head. He has served on the boards of Convexity, Minacs, Security and Intelligence Services (India) Limited, TSI, Sutures India and Matrix Cellular.
Relan is one of the pioneers of private equity investing in India, first as the head of Citi Venture Capital International, and then as the founder of CX Capital, which had raised its first fund worth $515 million in 2010, after navigating through a tough environment following the 2008 financial crisis. The fund was raised in 18 months.
Relan holds an MBA from the IIM Ahmedabad, and completed the Owner/President management programme at Harvard Business School. He has invested seed capital in his personal capacity in several firms, including Asian food chain <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=happy+hakka" target="_blank">Happy Hakka</a>, Nayi Disha Studios and discount coupon site <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MyDala" target="_blank">MyDala</a>.
CX Partners&#8217; most recent investments include $100 million in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Cremica+Foods" target="_blank">Cremica Foods</a> in August and $96 million — with co-investors Bajaj Holdings, CDC Group, and NewQuestCapital Partners — in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Ujjivan+Financial+Services" target="_blank">Ujjivan Financial Services</a>, which is now planning an initial public offering. Last year it took a controlling stake in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Minacs" target="_blank">Minacs</a> from the Aditya Birla Group, with Capital Square Partners as co-investors.
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Ajay Relan, the founder and managing partner of private equity firm CX Partners, is stepping down from day to day management of the firm.

Exclusive: Jayanta Basu to take over from PE veteran Ajay Relan at CX Partners

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