Goldman Sachs said it is set to acquire a minority stake in Piramal Realty for $150 million Rs900 crore to help fund the Indian developer’s expansion in Mumbai.
This latest investment amplifies the Wall Street bank’s bet on India. Since 2006, Goldman has deployed more than $2.5 billion in India across different sectors.
“The government's focus on simplifying regulation and boosting economic growth will kick start investment and consumption,” said Ankur Sahu, co-head of private equity at Goldman in Asia in a statement on Monday. The government initiatives and resulting economic activity will increase demand for housing and office space, he added.