Goldman Sachs has recruited two senior bankers in India to capitalise on increasing dealmaking and investor interest in the country, according to three sources familiar with the matter.
Sunil Khaitan will serve as Goldman's India head of financing, and Kamna Sahni as India head of Mergers & Acquisitions (M&A) in Mumbai, the sources said, noting that both executives will join the bank in the coming months.
Khaitan previously held the position of Southeast Asia head of Equity Capital Markets at Bank of America, while Sahni served as a director in India focusing on the healthcare and industrials sector.
Khaitan, Sahni, and Goldman declined to comment. Bank of America did not respond to Reuters queries.
Goldman garnered nearly £12.8 million in investment banking fees in the region during the first quarter of 2024, ranking fourth, according to data from the London Stock Exchange Group. It ranked third in M&A advisory and sixth in equity-related deals during the same period, the data indicates.
Recent advisory work by Goldman includes assisting Whirlpool and IndiGo's co-founder on stake sales, as well as handling IPOs such as that of India's leading e-scooter maker, Ola Electric.
India stands as the world's second busiest IPO market this year after the United States, amid expectations of increased activity due to a scarcity of deals elsewhere in Asia.
While equity dealmaking across Asia has slowed due to higher global interest rates, geopolitical tensions, and China's economic slowdown, India has emerged as the second busiest market for ECM deals after the United States.
Indian companies raised £1.84 billion in IPOs during the first quarter of 2024, marking a significant increase from the £133.2 million raised in the same period last year, according to LSEG data.
Total ECM deals rose 139%, making India the most active market across the Asia Pacific region, including Japan, where activity declined by 46.8%. Indian ECM deals accounted for 10.05% of the global total in the first three months, a record high for any quarter.
