Goldman Sachs opts out of India JV

After long negotiations with Kotak to try and increase its stake, Goldman decides to go it alone instead.
Goldman Sachs announced yesterday March 16 that it is dissolving its decade long partnership with the Kotak group. The announcement comes after what is believed to have been lengthy negotiations to restore some equilibrium to the partnership in which Goldman only owned 25% of an investment banking and securities joint venture.

In an announcement, the US investment bank said that Kotak Mahindra Bank will pay Rs1.2 billion $27.1 million for its 25% stake in Kotak Securities and Rs2.1 billion $47.5 million for its 25% stake in Kotak Mahindra Capital Company.

Kotak Mahindra's shares rose 6.4% yesterday, suggesting the market welcomed the removal of uncertainty about the state of the JV.

Goldman will now set...

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