October 23, 2007 / 3:08 AM / 11 years ago

Goldman wins approval for Indian asset mgmt firm-paper

MUMBAI, Oct 13 (Reuters) - Goldman Sachs (GS.N) has won approval from Indian authorities to establish an asset management company in Asia’s third-largest economy, the Economic Times reported on Saturday.

The company will make an initial investment of $50 million, out which $7.5 million will be made upfront and the remainder will be invested over two years, the paper said.

It said the approval was granted by India’s Foreign Investment Promotion Board, a unit of the finance ministry.

Last year, Goldman Sachs ended a 10-year old joint venture with local partner Kotak Mahindra and decided launch its own operation.

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