In a bid to cash in on a booming stock market and growing investment banking opportunities, Goldman Sachs said on March 16, 2006 that it would set up a wholly owned investment banking and securities subsidiary in India.

The development is part of a move whereby the US-based financial services giant would terminate two decade-long local Joint Ventures (JVs) with Kotak Mahindra Bank Ltd.

Goldman Sachs, which sold 25% stakes each in Kotak Mahindra Capital Co. Ltd. and Kotak Securities Ltd. for Rs3.33bn ($75mn) to its Indian partner, said that its India strategy would include principal investing and asset management.

(www.indiainfoline.com)