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Goldman Sachs bullish on growth prospects in India

Last Updated: Sunday, April 1, 2012 - 20:35

Mumbai: Global investment banking and securities firm Goldman Sachs which held its first ever board meet in India last week has said that it would like to grow its business here in line with the growing economy.

"Our management team in India reviewed the extraordinary growth India has undergone in recent years and the opportunities for us to grow alongside India's economy and its capital markets," the bank said in release on Sunday.

This was for the first time in its 142-year-old history that the Wall Street giant has held its board meeting in the country, joining the likes of PepsiCo and a few other multinationals which had held their board meetings here in the recent past.

The entire top management of the investment bank was on a three-day trip to the country and held meetings in Mumbai and Delhi with top business personalities and government leaders including the prime minister.

While Goldman Sachs met business leaders like Mukesh Ambani, Laxmi Mittal, Kumar Mangalam Birla, Rahul Bajaj, Chanda Kochhar, Venugopal Dhoot, Adi Godrej, Gautam Singhania, Noel Tata, K V Kamath among others in Mumbai, various government officials were consulted during their stay in New Delhi.

"We met with a number of clients whose businesses reflect not only India’s dynamic business environment, but also their significance to the global economy. In Delhi, we had equally informative discussions with government officials. We also met Prime Minister Manmohan Singh," the company said.

It also said that the board meeting reinforced the enormous potential of India and the global investment bank remained committed to helping clients grow both inside and outside India.

As per estimates, Goldman earned USD 15.3 million in fees on share and bond offerings and M&A advisory last year in India, which was fifth among foreign banks and seventh in the industry.

The investment bank is yet to receive a commercial banking license in the country for which it had applied two years back.


First Published: Sunday, April 1, 2012 - 20:17
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