Goldman Sachs has appointed Chandresh Chheda as managing director and co-head of India investment banking, according to an internal memo seen by Mint. The former JPMorgan executive will be based in Mumbai and work alongside Dev Nambakam and leadership teams in India and Asia Pacific as the firm continues to grow its franchise across the region. The appointment comes as India's IPO, ECM and M&A markets remain strong, with Goldman expanding its dealmaking franchise.
Chandresh Chheda brings more than two decades of investment banking experience to his new role. According to reports from Mint, he last worked as the managing director responsible for coverage of the new-age technology sector at JPMorgan. Earlier in his career, he spent a decade in New York covering the industrial sector at Deutsche Bank and JPMorgan. His appointment follows the departure of Sudarshan Ramakrishnan, who left as co-head of investment banking in India after a nearly 22-year stint at the company.
Indian equity capital markets (ECM) activity has rebounded strongly since 2023, with India's ECM activity accounting for 8-10% of global ECM volumes in 2024 and 2025, compared with a historical average of 3-4%, according to Dealogic. India's mergers and acquisitions (M&A) activity also reached a record $177 billion in 2023, with the country's M&A activity averaging more than $100 billion annually. Some prominent deals include LIC's $3.3 billion stake sale and Manipal Hospitals' $1 billion IPO in August.
Goldman Sachs has been involved in several significant transactions in the Indian market. According to reports from Mint, the firm advised on the Lakshmi Mittal family's $1.65 billion acquisition of Rajasthan Royals and Sun Pharmaceutical Industries' $11.75 billion acquisition of Organon's drug portfolio, one of India's largest pharmaceutical deals. Goldman was also an adviser to Indovida on its $2 billion merger with EPL and to Molycop on its $1.5 billion sale to Tega. Recently, Goldman Sachs served as an anchor investor in Molbio Diagnostics' IPO, joining anchor subscribers that raised ₹281.5 crore ahead of the public offering.
