Updated April 25th, 2024 at 12:50 IST

Goldman Sachs bolsters India presence with key banker hires from BofA: Report

Goldman's strategic hiring initiative comes against the backdrop of robust investment banking activity in India.

Reported by: Business Desk
Goldman Sachs | Image:Goldman Sachs
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 Goldman Sachs India: Goldman Sachs is amplifying its foothold in India's burgeoning dealmaking landscape by recruiting two seasoned bankers from Bank of America (BAC.N), news agency Reuters reported, quoting sources with direct knowledge revealed to Reuters on Wednesday.

According to the report, Sunil Khaitan will assume the role of Goldman's India head of financing, while Kamna Sahni will lead the Mergers & Acquisitions (M&A) division in Mumbai. Both executives are slated to join Goldman Sachs in the coming months, leveraging their extensive experience to capitalizs on the burgeoning investment and transactional interest in the South Asian nation.

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Sunil Khaitan previously served as Bank of America's Southeast Asia head of Equity Capital Markets, bringing a wealth of expertise in capital raising strategies to his new position at Goldman Sachs. Meanwhile, Kamna Sahni, a former director at Bank of America focusing on healthcare and industrials sectors in India, will spearhead Goldman's M&A endeavours in the region.

Goldman's strategic hiring initiative comes against the backdrop of robust investment banking activity in India, where the financial titan earned nearly $16 million in investment banking fees during the first quarter of 2024, according to data from the London Stock Exchange Group. The firm secured the fourth position in the region, showcasing its prowess in facilitating key transactions.

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Notably, Goldman Sachs demonstrated its prowess by advising on prominent deals such as Whirlpool and IndiGo's co-founder stake sales, alongside spearheading high-profile IPOs like Ola Electric, India's leading e-scooter manufacturer. The firm clinched the third spot in M&A advisory and secured the sixth position in equity-related deals during the aforementioned period, underscoring its multifaceted expertise in the Indian market.

India has emerged as the world's second busiest IPO market in 2024, trailing only behind the United States, as reported by Reuters last month. With a surge in IPO activity and a dearth of deals across other Asian markets, bankers anticipate heightened transactional momentum in India, setting the stage for further expansion and investment opportunities in the region.

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(With Reuters inputs.)

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Published April 25th, 2024 at 12:50 IST