New York-based American multinational bulge bracket investment banking and securities firm Goldman Sachs Group Inc will hold its annual board meeting in India later this month as a sign of the firm's commitment to one of the fast-growing emerging markets, it has been reported.
A source with direct knowledge of the matter has also revealed that bank's chairman Lloyd Blankfein, chief operating officer Gary Cohn and other officials of its 12-member board including ArcelorMittal's chief executive Lakshmi Mittal will travel to India for the meeting, according to a Reuters report.
The board meeting will be held in New Delhi, the capital city, and Mumbai, the country's financial hub from March 29. The meeting will last for two to three days.
The decision to hold the board meeting in India this year reflects the company's focus and commitment to the country, Reuters quoted the source as saying. He also added that such meetings had been held previously in other countries outside the United States, including China.
Goldman's move to hold the annual meeting in India comes at a time when the Indian stock market registered a 17 percent growth in 2012 and big corporates are opening up to M&A deals.
Goldman last year ranked second in India's completed mergers and acquisitions advisory league table, and was placed at No. 9 in the country's equity capital market league table.