Goldman Sachs to expand in India

Goldman Sachs, a leading global investment banking, securities and investment management firm, is looking at consolidating its position in India.

Though it has plans to further enhance its Indian operations in Bangalore, it has not ruled out setting up more centres akin to the one in Bangalore. This apart, the firm is at present "surveying the market" for direct investments in near future.

Addressing the media at the Indian School of Business (ISB), Lloyd C Blankfein, president and chief operating officer of The Goldman Sachs Group Inc, said, "We will be looking at opportunities in India and I will be surprised if we do not make any investments in India within a year from now." Blankfein was at the ISB to announce its second grant of $1 million to the institution.

"Our primary investment, however, is in people. We will, therefore, be looking for more talent from India both for our Indian and global operations," he added.

Goldman Sachs has invested $30 million in setting up the Bangalore centre that employs 750 people, projected to rise to around 800 by the end of this year. The facility has a capacity to house 1,200 people with an option to grow to more than 1,500. "We are not ruling out setting up similar centres in other cities in the country as well," Blankfein said.

Goldman Sachs is also a 25 per cent partner in the joint venture investment bank, Kotak Mahindra Capital Company Limited. In addition, it has a 25 per cent interest in Kotak Securities Limited.

Recalling Goldman Sachs' relationship with ISB, Blankfein said that The Goldman Sachs Foundation, a philanthropic organisation, had earlier made a grant of $1 million for land acquisition and construction of the school.

"This is our second grant of $1 million to ISB and we will benefit with this affiliation also," he added.

The grant is being made to the Centre for Analytical Finance at ISB to support research work at the centre. The funding will also be directed towards bringing professors from across the world to teach at the business school for full term.

"This involves 16 visitor professorships and eight fellowships," Blankfein said and did not rule out funding other educational institutions in India. The Centre for Analytical Finance is dedicated to research in all kinds of finance, including financial markets, instruments, regulations. etc.