Nomura has hired Indraneil Borkakoty as head of equity capital markets for India.
He reports to Nipun Goel, who Nomura hired from Merrill Lynch to head investment banking for India in March this year, and to Mark Williams, who heads ECM for Asia ex-Japan and recently came on board from UBS.
Most recently, Borkakoty was head of ECM for Kotak Mahindra Capital. He spent five years at Kotak and before that worked across ICICI Securities, KPMG and Lazard for 10 years.
In a written statement commenting on the hire, Williams noted that India accounted for 16% of Nomura’s total ECM volume in Asia ex-Japan in the first half of this year and emphasised that the country is an important market for Nomura’s ECM business.
Nomura has been increasing its focus on India. It received a merchant banking licence in the country in December 2008 and started a primary dealership operation in September 2009, allowing it to underwrite and distribute government bonds, as well as trade local currency interest rate swaps. Nomura also has a non-banking financial company (NBFC) licence in India.
Nomura is managing to attract talent in India from firms that are leaders in their field. Kotak is always among the top firms in India in ECM. And, at the same time as it hired Goel, Nomura also hired Nitin Jain to co-head fixed income. Jain was earlier managing director for ICICI Securities Primary Dealership (I-Sec PD), which is a leading player in the Indian debt market.
The Japanese bank has 21 people in investment banking in India, of which five are dedicated to capital markets. Recent deals that Nomura has been involved in include: a $101 million qualified institutional placement (QIP) for Kalpataru Power Transmission; a $155 million initial public offering and offer for sale for IL&FS Transportation Networks; an $85 million QIP for Jubilant Organosys; and the $1.9 billion IPO and London Stock Exchange listing of Essar Energy.
At Kotak, V Jaya Sankar has taken over as head of the ECM team. He is an executive director with over 20 years of experience in financial services, of which 15 are with Kotak.