The Hindu Business Line : Goldman Sachs to invest $1 b more

ENLARGING FOOTPRINT: Mr Montek Singh Ahluwalia, Planning Commission Deputy Chairman; flanked by Mr Jamshyd N. Godrej, Chairman, Aspen Institute India and CMD Godrej & Boyce Mfg. Co. Ltd; and Mr L. Brooks Entwistle, CEO, Goldman Sachs India LLC, at the launch of the `India Leadership Initiative', in the Capital on Tuesday. — Ramesh Sharma

New Delhi , Sept. 19

Goldman Sachs India LLC, the Indian subsidiary of the global investment banking company, said that it had earmarked an investment of $1 billion for India over the next two years.

"The company will make capital investments of $1 billion over the next two years as it has a long-term view for the Indian market," said Mr L. Brooks Entwistle, CEO, Goldman Sachs India.

He added that the Indian market was extremely important to the company as it held great value.

"We want to introduce all our businesses including asset management in the country over a period of time," said Mr Entwistle. The company also has plans of starting its own investment banking and securities business in India after it broke its ties with Kotak Mahindra Bank Ltd in March, where it held stake in two of the bank's financial services, Kotak Mahindra Capital Ltd and Kotak Securities Ltd.

In an effort to increase its presence in India, the company is also looking at increasing its workforce in Bangalore and Mumbai offices where it already has 1,000 and 50 employees, respectively.

The announcement regarding Goldman Sachs' India investment was made on the sidelines of the launch of the India Leadership Initiative by the Aspen Institute, Aspen Institute India and Goldman Sachs, to develop a new generation of value based action-oriented leaders.

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