Goldman Sachs will invest Rs 1,200 crore to construct a new campus in Bangalore. Expected to be ready by 2018, the campus, which would come up on a 21-acre plot, will have the capacity to house 9,000 employees, the company said on Wednesday.
The ground-breaking for the project took place on Wednesday on the Outer Ring Road, close to Varthur Lake in Bangalore East. The campus is being developed by Bangalore-based Kalyani Developers, which has developed a number of technology parks in the past.
The Goldman Sachs Group, the global investment banking, securities and investment management firm provides a wide range of financial services to a diversified client base including corporations, financial institutions, governments and high-net-worth individuals and it currently employs 5,400 professionals across various offices in Bangalore. Today, it serves leading corporate and institutional clients through corporate finance (investment banking), equity sales and trading and fixed income securities businesses, as well as providing macro-economic and investment research and asset management services.
Jeffrey W Schroeder, Chief Administrative Officer of Goldman Sachs, told reporters here in Bangalore on Tuesday that the Bangalore facility will be the second largest for the group after New York where it has about 12,000 people. This India operations over the last five years, has grown at approximately 19% CAGR.
Goldman Sachs had established an onshore presence in India in December 2006 following a 10-year joint venture, and it had Indian clients from the early 1990s. Goldman Sachs is also active in private equity and principal investing in India, deploying more than $2 billion in capital since 2006.
"Goldman Sachs has hired from 60 campuses across the country," said V Bunty Bohra, Chief Executive Officer of Goldman Sachs Services in India.
According to information available, Goldman Sachs had agreed to a lease rental of around Rs 60 crore a year for one million sq ft.