Goldman Sachs today announced its intention to build a wholly-owned onshore investment banking and securities firm in India.As part of the commitment, Goldman Sachs will be making the necessary applications to establish its own domestic broking operations, and intends to seek other necessary licences to build a leading financial services firm in India.In addition to the creation of a full-service domestic presence, the firm's India strategy will encompass businesses including principal investing and asset management. "The Indian market represents tremendous growth and opportunity. Now, more than ever, there is a compelling case for us to build an onshore presence, which is fully integrated with our global businesses," Brooks Entwistle, Chief Executive Officer of Goldman Sachs ( India ) LLC, said.The decision to build a wholly-owned platform in India brings to an end the firm's 10 year-old strategic alliance with the Kotak Group.The termination of the strategic alliance will see Goldman Sachs sell to Kotak Group its 25% interests in both joint venture entities, Kotak Securities and Kotak Mahindra Capital Company. Goldman Sachs and Kotak have entered into a business co-operation agreement for a period of up to one year. "Our partnership with Kotak Group has been very successful over the past decade. Upon the completion of the sale of our joint venture interests, Kotak has agreed to provide consent for our regulatory filing process and we look forward to continuing our friendship," Entwistle said.
