Goldman Sachs appoints Sudarshan Ramakrishnan and Devarajan Nambakam as the co-heads of Investment Banking in India

Goldman Sachs has appointed Sudarshan Ramakrishnan and Devarajan Nambakam as the co-heads of its investment banking business in India, the company said in a statement on Monday.

The firm also said Sunil Khaitan has joined it as managing director and head of financing in India. Another senior banker, Kamna Sahni will also join Goldman Sachs in Mumbai as an executive director at the end of the month.

In their new roles, Ramakrishnan and Nambakam will manage the firm’s broader investment banking strategy and drive growth across industry groups in India with a focus on deepening and broadening client relationships.

They will report to Sonjoy Chatterjee, chairman and chief executive officer of Goldman Sachs in India.

“As the complexity of our clients’ needs grow in tandem with the Indian economy, these appointments reflect our continued conviction to bring together the firm’s global expertise, resources and network to further differentiate the advice, service and execution we provide our clients,” Chatterjee said in a statement.

Goldman Sachs Research has forecasted that India could become the world’s third-largest economy within this decade.According to Dealogic, the first half of Indian equity capital markets (ECM) activity in 2024 has been the busiest in history with overall activity reaching $27.5 billion (+193% YoY).Ramakrishnan previously served as the co-chief operating officer of Goldman Sachs investment banking in India. He has been responsible for client coverage in India across technology, media & telecom, consumer & retail, metals & mining, and select large conglomerates. Previously, he was a member of the M&A team in Asia Pacific ex-Japan. He joined the New York-based financial services major in 2004 from Hong Kong and moved to Mumbai in 2007. He was named a managing director in 2015.

Nambakam previously served as co-chief operating officer of investment banking in India. He has covered clients across the financial sponsors, natural resources, healthcare, industrials and infrastructure sectors. He joined Goldman Sachs in 2006 from London and became a member of the investment banking team in Mumbai in 2010. He was named a managing director in 2017.

Khaitan – along with Kailash Soni, head of ECM in India – will focus on expanding the firm business to deliver innovative equity and equity-linked as well as debt solutions for clients. Previously, he was the head of ECM for Southeast Asia at a global investment bank.