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Goldman Sachs aims to invest $1 bn in India over four years

23 May, 2017

The private equity arm of US investment banking major Goldman Sachs is in the final stage of closing two platform investment deals in India as it looks to invest around $1 billion in the country over the next four years, according to a media report.

“The goal is to invest $200-300 million a year and potentially come close to $1 billion in the next three to four years,” Ankur Saha, co-head of merchant banking division (Asia-Pacific) at Goldman Sachs, told Mint.

Goldman’s PE business is currently looking at two platform asset deals in the quasi-real estate and the financial services space, Saha said.

When contacted, a Goldman Sachs spokesperson did not provide additional information on the firm’s investment plan in India.

Earlier this month, The Times of India reported that a consortium of Arpwood Capital and Goldman Sachs emerged as front runners to buy out Mumbai-based non-banking financier Karvy Finance.

Last year, the PE firm’s Principal Strategic Investment (PSI) group, which invests out of the investment bank’s balance sheet, said it planned to invest in early stage startups in India and would focus on big data analytics and machine learning sectors.

The investment arm of Goldman Sachs has invested in several firms in India including in ReNew Power Ventures, Tejas Networks, BPL Medical Technologies Ltd, Nova Medical Centres, Tikona Digital Networks and Essel Highways.

It has also invested in Amber Enterprises Pvt. Ltd, SAMHI hotels and Piramal Realty. Besides, two years ago, it invested in online furniture retailer Pepperfry.

Goldman Sachs’ PE business has also recently exited some investments including TVS Logistics. In addition, it part exited its investment in Max Financial Services.

In recent years, global investment firms including Canadian pension funds CDPQ and CPPIB as well as Fairfax India Holdings have poured large amounts of capital into the country. Earlier this year, Henry Kravis, who co-founded PE giant Kohlberg Kravis Roberts & Co in 1976 and is co-chairman and co-CEO of the buyout major, said he was bullish on India too.

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Goldman Sachs aims to invest $1 bn in India over four years

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