SUN Apollo CEO steps down

Chetan Dave will take on the mantle of senior advisor at the Mumbai-based joint venture between Sun and AREA Property Partners. Managing director Prakash Kalothia will take his place.

Chetan Dave has stepped down as managing director and chief executive officer of the SUN Apollo Real Estate Advisors joint venture, and will instead work as a senior advisor to the firm.

SUN Apollo, the India-based joint venture firm between Indian conglomerate the SUN Group and AREA Property Partners, (formerly known as Apollo Real Estate Advisors), has promoted managing director Prakash Kalothia into Dave’s role. Kalothia has been a member of the SUN-Apollo investment committee since its inception in 2006 and has been with Indian private equity firm the SUN Group for seven years.

After building SUN-Apollo from inception, Dave says he is “looking forward to transitioning to a less intense role” as the result of “personal priorities”.

Mumbai-based Sun -Apollo closed the $630 million SUN Apollo India Real Estate Fund in January 2007 to pursue real estate development and investment opportunities throughout India. The fund’s investments include Rs300 crore for a minority stake in a special purpose vehicle launched by the Noida-based realty firm Amrapali group and the development of a 4.8 million-square-foot mixed use development project in Chennai, in partnership with Shriram Properties Limited.