October 23, 2007 / 3:08 AM / 10 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.

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below