Goldman Sachs buys out a Mumbai NBFC

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New Delhi: Goldman Sachs beefs up its presence by picking up another non-banking finance company in India. After picking up a 20 percent in Shriram Credit, a Chennai-based NBFC, while retaining the option to hike its stake to 25 percent, now the global investment bank has acquired 100 percent equity stake in a little known NBFC headquartered in Mumbai? Pratham Investment & Trading . The move is a part of Glodman Sach's building its business brick by brick in India.

Goldman Sachs will invest Rs 200 crore into the firm routed through its Mauritius arm. The company plans to invest $7.5 million(Rs 30 crore) upfront and the balance $42.5 million in the next 24 months or so.

This is in line with the minimum capitalisation norms for fund based NBFCs where FDI is between 75 percent and 100 percent which requires capitalisation of $50 million(Rs 200 crore) within two years of such significant foreign investment out of which $7.5 million has to be brought in upfront.

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