US based investment banking major Goldman Sachs has made two top level appointments in India as the company is looking at expanding in the country. It has appointed Vijay Karnani and Rohit Narang as managing directors of its India securities unit, reports Mint.
While Karnani will head the equities business, Narang will manage debt, currency and commodity. Till now the securities business had been reporting directly to Brooks Entwistle, the CEO of Goldman Sachs (India) LLC as it did not have any managing director. Both Karnani and Narang have been working with Goldman Sachs for more than a decade
Currently Goldman Sachs has investment worth around $2 billion in India. The investment bank has presence across several financial services business in India such as asset management, securities trading, investment banking and private equity.
Goldman had various joint ventures with Kotak Mahindra Bank to offer financial services, which were ended in 2006. Goldman formed its own units for various financial services after it sold 25% stake each in both Kotak Securities and Kotak Mahindra Capital.
The US bank formed Goldman Sachs (India) Securities in 2006 to start merchant banking, stock broking and underwriting businesses. In 2007, it launched Goldman Sachs Asset Management for investment advisory, asset management and portfolio management services.
The firm has also applied to start a primary dealership in government securities in the country, in which it plans to invest $50 million.