Mumbai: US based bank Goldman Sachs Group Inc on Monday appointed Vijay Karnani and Rohit Narang as managing directors of its India securities unit as it seeks to expand its business in the country.
Both Karnani and Narang have been with Goldman Sachs since the 1990s. Until now, the securities business did not have an Indian head of business, and reported directly to Brooks Entwistle, the CEO of Goldman Sachs (India) LLC.
“India is one of Goldman Sachs’ key drivers for growth globally,” said Karnani, who will head the equities business. “We are actively building both our agency and principaling businesses.”
“Connectivity of India to the world has been steadily increasing and will get a lot more. From an Indian corporate’s perspective, this is leading to higher currency and commodity risk of their balance sheets,” said Narang, who will manage debt, currency and commodity. “These are markets where we internationally advise our clients on a regular basis. We’ll like to get engaged more in these areas in the Indian market also.”
Goldman currently has some $2 billion invested in India, and is present across several financial services business such as asset management, securities trading, investment banking and private equity. It started operating independently in India in 2006 after it ended a partnership with the Kotak group.