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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (3843)	3/6/1999 9:25:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

''India is a cornerstone market for Goldman Sachs"--> Goldman Sachs gung-ho on India Date: 06-03-1999 :: Pg: 01 :: Col: c Our Bureau MUMBAI, March 5 THE tone in the Indian market currently is decidedly optimistic and the key reasons for this sentiment, besides the Budget proposals, are the recent efforts by India and Pakistan to improve relations and the fact that India is better placed among Asian markets, Mr. Philip D. Murphy, President and Managing Director, Goldman Sachs (Asia), said. ''India is a cornerstone market for Goldman Sachs. We focus on five to eight business groups in the country, besides Government business opportunities,'' he added. Mr. Murphy, who is based in Hong Kong and visits India every quarter, said that the current optimism in the Indian market was not without risks. ''Our strategy is to focus on large entities in both private and public sectors.'' On direct investment, he said that investment has so far been modest in India, but this was only due to the lack of right opportunities. The global investment bank chief saw more opportunities in the future in areas such as software, media and health care. ''We have been a consistent player in this country, and among the Asian countries, India ranks third after China and Japan.'' Goldman Sachs' direct investments in India includes a software company and a media venture. The firm currently holds 25 per cent each in Kotak Mahindra Capital Company and Kotak Securities, and in its own majority outfit - Goldman Sachs India - Mr. Uday Kotak, Chairman, Kotak Mahindra Group, holds 25 per cent equity stake. Mr. Murphy said that India was the only Asian country where the firm has a joint venture. ''Goldman Sachs India is a natural progression. While Kotak Mahindra continues to support us in domestic operations, Goldman helps them in cross-border dealings.'' On the trend in the global market, Mr. Murphy said that the past year and a half ''has not been too good. However, there is a change taking place. Even in Asia, signs of stability and growth are visible. But we are cautiously optimistic.'' On the privatisation of PSUs and the Government's policy of allowing cross-holding, Mr. Murphy said that it was up to the Government to consider the perception of international investors. hindubusinessline.com