Goldman Names New India Investment Banking Heads To Tap Growth
Sudarshan Ramakrishnan and Devarajan Nambakam were named co-heads to drive growth across industries and broaden client relationships.
(Bloomberg) -- Goldman Sachs Group Inc. picked two veteran dealmakers as heads of investment banking in India to expand in the country where it expects businesses to deliver Asia’s fastest profit growth over the next five years.
Sudarshan Ramakrishnan and Devarajan Nambakam were named co-heads to drive growth across industries and broaden client relationships, according to a statement from the New York-based bank. Sunil Khaitan joined as a managing director and head of financing in India.
“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,” Sonjoy Chatterjee, chairman and chief executive officer of India, said in the release.
The US firm forecasts India will become the world’s third-largest economy within this decade, growing more than 6% annually, partly on favorable demographics. It estimates earnings at firms in India will expand at a 14% compound annual growth rate over the next five years.
Global banks and investment houses are expanding in India, in part as Asia’s long-time growth engine China, is sputtering amid geopolitical tension and tightening Communist Party control of the economy.
Goldman ranked as the top mergers and acquisition adviser in India in 2023 and 2022, according to data compiled by Bloomberg. It has advised on deals including an $8.5 billion joint venture between Reliance Industries Ltd. and Walt Disney Co. The bank has helped firms raise more $20 billion in the Indian equity markets since 2021, according to the statement.
Ramakrishnan has been responsible for client coverage in India across technology, media and telecommunications, consumer and retail and metals and mining. He joined Goldman in 2004 in Hong Kong and moved to Mumbai in 2007 and was named managing director in 2015.
Nambakam has covered clients across the financial sponsors, natural resources, health care, industrials and infrastructure sectors. He joined Goldman Sachs in 2006 in London and was named managing director in 2017.
Khaitan, who is joining from Bank of America Corp., will focus on expanding the firm’s business to deliver equity and equity-linked and debt solutions for clients. Kamna Sahni will also join Goldman Sachs in Mumbai from Bank of America as an executive director at the end of the month.
In a separate memo, Goldman said Jie Wei was given sole responsibility for real estate investment banking in Asia, excluding Japan, and Jacky Leung was named head of Hong Kong coverage. The memo was confirmed by a spokesman.
The appointments come after Stephen Wong, the former chairman of Hong Kong investment banking and co-head of real estate for Asia ex-Japan, resigned in May.
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