Doubling down on its bet on India becoming the world's third largest economy in this decade itself, Goldman Sachs has appointed two co-heads - Sudarshan Ramakrishnan and Devarajan Nambakam- for its Investment Banking business in India.
In their new roles, Ramakrishnan and Nambakam will manage the broader investment banking strategy at Goldman Sachs, and attempt to drive growth across industries, a press released said on July 15.
Both co-heads will will report to Sonjoy Chatterjee, chairman and chief executive officer of Goldman Sachs' business in India.
Calling India as one of the most exciting growth opportunities in the world, Sonjoy Chatterjee said, “As the complexity of our clients’ needs grow in tandem with the Indian economy, these appointments reflect our continued conviction to bring together the firm’s global expertise, resources and network to further differentiate the advice, service and execution we provide our clients.”
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Goldman Sachs also announced Sunil Khaitan has joined Investment Banking as a managing director and head of Financing in India. Sunil - along with Kailash Soni, head of ECM in India - will focus on expanding equity-linked and debt solutions for clients.
Ramakrishnan was previously serving as the co-CIO of Investment Banking in India and has been handling clients across Technology, Media & Telecom, Consumer & Retail, Metals & Mining in India. Ramakrishnan has also been a member of the M&A team in Asia Pacific Ex-Japan.
Nambakam previously served as co-COO of Investment Banking in India, and has covered clients across Financial Sponsors, Natural Resources, Healthcare, Industrials and Infrastructure sectors.
Goldman Sachs is betting that favourable demographics will help India grow at over 6 percent annually till 2030, with earnings growth expected at 14 percent compound annual growth rate (CAGR) over next five years. It sees capital investment as a 'significant driver' of India's economic growth.
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