Goldman Sachs infuses Rs.3.7 bn into Indian subsidiary

February 10th, 2009 - 9:22 pm ICT by IANS  

Mumbai, Feb 10 (IANS) Taking a cue from Credit Suisse and Morgan Stanley, banking and investment services firm Goldman Sachs has infused Rs.3.7 billion (Rs.370 crore/$76 million) into its Indian subsidiary Pratham Investments and Trading Pvt Ltd, it was announced Tuesday.

Earlier this month, Morgan Stanley had invested an additional Rs.1 billion into its Indian retail stock broking and portfolio management services firm Morgan Stanley India Financial Services (MSIFS). Credit Suisse had also announced last month that it will pump additional $164 million into Credit Suisse Finance (India) Pvt Ltd.

The additional capital added by the New York-based company will take the total capital of the non-banking financial company (NBFC) to Rs.4.85 billion.

“This capital infusion furthers our objective of building a full service investment banking and securities platform in India,” said Jesse Lentchner, managing director and head of securities at Goldman Sachs India.

The company plans to utilise the additional capital to expand its credit trading and investing businesses.

Goldman Sachs acquired Pratham in 2008, which was privately held by the Bubna family, which has interests in the paper business.

Goldman also has a 20 percent stake in Chennai-based NBFC Shriram Credit Co. which the company picked up in 2008 for Rs.3 billion.

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