In 1995, Goldman Sachs and Kotak Mahindra announced a joint venture investment bank in India, Kotak Mahindra Capital.
A combination of two capable and smart organizations, it worked well enough for a while, buoyed by the opening of India’s stock markets to foreign investment two years beforehand. But eventually it ran its course when each side wished to go it alone in India. Kotak bought out Goldman’s stake in March 2006 for $70 million.
The JV these days is a 20-year-old footnote in the history of both institutions, but it has had a lasting impact – for one individual in particular.
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