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Goldman Sachs taps BofA bankers for India dealmaking roles, sources say

Published 04/24/2024, 11:07 AM
Updated 04/24/2024, 11:27 AM
© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo

By M. Sriram

MUMBAI (Reuters) -Goldman Sachs has hired two senior bankers in India to cash in on growing dealmaking and investor interest in the South Asian country, three sources with direct knowledge told Reuters on Wednesday.

Sunil Khaitan will be Goldman's India head of financing and Kamna Sahni India head of Mergers & Acquisitions (M&A) in Mumbai, the sources said, adding that the executives will join the bank in the next few months.

Both new hires have previously worked at Bank of America. Khaitan was the bank's Southeast Asia head of Equity Capital Markets, while Sahni was a director in India focusing on the healthcare and industrials space.

Khaitan and Sahni declined to comment. Goldman declined to comment. Bank of America did not respond to Reuters queries.

Goldman earned nearly $16 million in investment banking fees in the region in the first quarter of 2024, according to London Stock Exchange Group (LON:LSEG) Data- ranking fourth. It ranked third in M&As advisory and sixth in equity related deals during the period, the data shows.

© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo

In recent months it has advised Whirlpool (NYSE:WHR) and top Indian airline IndiGo's co-founder on stake sales, in addition to IPOs such as India's biggest e-scooter maker Ola Electric.

India is the world's second busiest IPO market this year after the United States, with bankers expecting more activity amid a paucity of deals elsewhere in Asia, Reuters reported last month.

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