Hyderabad, Oct 1 (IANS) Leading global investment bank and financial services company Goldman Sachs will be expanding its presence in India, by setting up in Hyderabad too.
The US-headquartered firm said it has identified Hyderabad as a new location for its global shared services footprint in India.
This is a part of the firm’s India location strategy to diversify its geographic presence and enhance talent reach, to support growing global businesses and enhance long-term competitiveness.
The new Hyderabad office will be the second location for Goldman Sachs Services in India, and will complement the Bengaluru office footprint in terms of both the execution and support that it will provide to the firm’s businesses globally.
Representatives of Goldman Sachs interacted with Telangana’s Industry Minister K.T. Rama Rao on Thursday and explained their plans for Hyderabad.
The minister assured them that the government will provide complete support to the firm in their future ventures.
Sanjoy Chatterjee, Chairman, Goldman Sachs, India, Gunjan Samtani, MD and India Head, Goldman Sachs and Ravi Krishnan, MD and Chief Administrative Officer, Goldman Sachs, India interacted with the minister and top officials.
The new office is expected to commence in the second half of 2021 with about 500 employees, and has potential for future growth. It will leverage the expertise of the existing leadership in the Bengaluru office, while investing in a strong pool of competitive world class local talent.
Key criteria for the new office location included the availability of commercial real estate and housing for employees, a diverse talent pool, quality infrastructure in the city, and support and commitment from the local government.
The Bengaluru Office with over half of its 6,000 employees as engineers, will continue to be a major location for Goldman Sachs in India.