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Goldman Sachs arm for India
Special Correspondent
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Terminates alliance with Kotak Group
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MUMBAI:
Goldman Sachs announced on Thursday its intention to set up a wholly-owned onshore investment banking and securities firm in India. This decision brings to an end the firm's ten year-old strategic alliance with the Kotak Group.
The termination of the strategic alliance will see Goldman Sachs sell to the Kotak Group its 25 per cent interest in joint venture entities, Kotak Securities Limited and Kotak Mahindra Capital Company Limited. Goldman Sachs and Kotak have entered into a business cooperation agreement for a period of up to one year.
"Goldman Sachs will be making the necessary applications to establish its own domestic broker dealer firm and intends to seek other necessary licences needed to build a leading financial services firm in India,'' Goldman Sachs stated in a press release.
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