Goldman Sachs has appointed former JPMorgan executive Chandresh Chheda as managing director and co-head of India investment banking, according to an internal memo seen by Mint.
He will be based in Mumbai and work alongside Dev Nambakam and the leadership teams in India and Asia Pacific as the firm continues to grow its franchise across the region. The contents of the memo were confirmed by a Goldman Sachs spokesperson.
His appointment comes a few weeks after Sudarshan Ramakrishnan left as co-head of investment banking in India, following a nearly 22-year stint at the company.
With more than two decades of experience in investment banking, Chheda last worked as the managing director responsible for coverage of the new-age technology sector at JPMorgan.
Earlier in his career, he also spent a decade in New York covering the industrial sector at Deutsche Bank and JPMorgan.
Indian deals market
Broadly, Indian equity capital markets (ECM) activity has rebounded strongly since 2023. According to Dealogic, India’s ECM activity has seen a meaningful shift globally and accounted for 8-10% of global ECM volumes in 2024 and 2025, compared with a historical average of 3-4%. India’s mergers and acquisitions (M&A) activity also reached a record $177 billion in 2023.
Some of the prominent deals include the Life Insurance Corporation of India’s (LIC) $3.3 billion stake sale, which marked one of the largest offers for sale (OFS) and ECM transactions in the country, Manipal Hospitals’ $1 billion initial public offering (IPO) in August and HDB Financial Services’ $1.45 billion IPO in July 2025.
India’s M&A activity has also sustained momentum, averaging more than $100 billion annually.
Some of Goldman’s notable transactions include the Lakshmi Mittal family’s $1.65 billion acquisition of Rajasthan Royals and Sun Pharmaceutical Industries’ $11.75 billion acquisition of Organon’s drug portfolio, one of India’s largest pharmaceutical deals and the biggest outbound pharmaceutical acquisition by an Indian company.
Goldman was also an adviser to Indovida on its $2 billion merger with EPL and to Molycop on its $1.5 billion sale to Tega.