After having invested $800 million, Goldman Sachs (India) Securities plans to foray into wealth management. The foreign institutional investor has already applied for a licence in asset management.
Talking to reporters on the sidelines of Institute of International Finance on Thursday, the managing director and CEO of the company, L Brooks Entwistle, said, ?We have invested nearly $800 million in various sectors of India in the last 500 days.?
Entwistle, who has been heading the India operations since February last year, said there was a huge potential for deal market development here especially after the recent Tata-Corus merger and acquisition.
As a company, Entwistle said there was huge opportunity in infrastructure funding. The sector may witness an investment of $300 billion over the next five years, he said. He stressed the need for stretching norms for entry of international banks and permit their full-fledged operations in India.
Strongly advocating for the development of Mumbai as international financial centre, Entwistle said that the city is well connected with global commercial centres like Dubai, Russia, China, Korea and Japan.
There is a large pool of talent in India which coupled by reverse brain-drain has already enriched the available human resources.