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Goldman Sachs to invest $1B India
By agencies
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Friday, 17 March 2006, 20:30 IST
MUMBAI: Goldman Sachs, the U.S. based global investment bank today announced it would invest $1 billion in private equity, real estate, private wealth management, and other businesses in India for its institutional clients in the next couple of years as part of its new strategy for the country.
The announcement came immediately after it amicably parted ways Indian partner, the Kotak Mahindra group; by selling 25 percent stake each in Kotak Mahindra Capital Company Ltd.
As part of the India strategy, Goldman Sachs also plans to start its own investment banking, asset management, and securities businesses following the exit from the joint ventures.
"We will be investing about $1 billion in the next couple of years in India," Edward Naylor, Director (Communications), said.
About 45 percent of the Forbes 400 list of wealthiest people form part of Goldman Sachs private wealth management group. The $1 billion investment besides the amount of $76.5 million received from the Kotak Mahindra group, he added.
"The Indian market represents tremendous growth and opportunity. Now, more than ever, there is a compelling case for us to build an onshore presence that is fully integrated with our global businesses," said Brooks Entwistle, CEO of Goldman Sachs (India).
Goldman Sachs will set up separate businesses in India after getting the necessary clearances from the authorities concerned. "The process has begun," he said.