Kohlberg Kravis Roberts has hired one of India’s most prominent bankers, Sanjay Nayar of Citigroup, to run its operation in the country, marking a long-awaited push by one of the world’s biggest private equity groups into Asia’s third-largest economy.

The hiring of Mr Nayar, Citi’s India, Sri Lanka, Nepal and Bangladesh head, represents a coup for a company that has yet to set up an office in the South Asian region and has lagged behind global rivals, including TPG and Carlyle, in developing its franchise in the country.