Mumbai: Goldman Sachs is looking to sell some of its Indian investments, including a 5% stake in the National Stock Exchange (NSE), the Daily News and Analysis said on Thursday, citing people familiar with the development.
“We are reviewing investments as part of normal course of business,” the newspaper quoted a source in the firm as saying. “Though we are not looking to sell anything at a loss.”
Goldman along with New York Stock Exchange, private equity firm General Atlantic and Softbank’s Asian infrastructure fund had picked up a 20% stake in the NSE, India’s largest bourse, for $490 million in 2007.
The fall in rupee, down 5.5% this year after dropping 19.1% in 2008, against the dollar and little possibility of an initial public offer by the NSE has prompted the exit plan, the paper said.
Goldman Sachs had turned itself into a bank holding company in the wake of the US financial crisis following the collapse of Lehman Brothers last year, and has been selling some of its investments.
Goldman officials in India could not be immediately reached for comment.