Goldman Sachs re-negotiates Indian JV

US investment bank set to increase stake in Kotak Mahindra Capital and Kotak Securities.

Goldman Sachs is said to be close to finalizing an agreement with the Kotak group that will give it equal status in its two Indian joint ventures. The move follows a sharp up-tick in deal volumes on the subcontinent, which has made India one of the most important investment banking markets in Asia.

This growth has co-incided with a regular review period for the two joint ventures, which were first established in 1995. At this point Goldman took a 25% stake in Kotak Mahindra Capital, an investment banking joint venture and 25% in Kotak Securities, a broking joint venture. The remaining 75% in both JV's was held by Kotak Mahindra...

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