Goldman Sachs hires Chandresh Chheda from JPMorgan as co-head of India investment banking, filling the gap left by Sudarshan Ramakrishnan's exit. The move comes as India's ECM and M&A activity hit record levels.
Goldman Sachs has hired Chandresh Chheda from JPMorgan as managing director and co-head of India investment banking, according to an internal memo seen by Mint.
Chheda will be based in Mumbai and work alongside Dev Nambakam and the Asia Pacific leadership team, the memo said. A Goldman Sachs spokesperson confirmed the contents. The appointment fills a gap left by Sudarshan Ramakrishnan, who departed after nearly 22 years at the firm a few weeks ago.
Chheda brings more than two decades of investment banking experience. At JPMorgan, he was the managing director responsible for covering the new-age technology sector. Earlier in his career, he spent a decade in New York covering the industrial sector at Deutsche Bank and JPMorgan.
The hire comes as India's equity capital markets and M&A activity hit record levels. India accounted for 8-10% of global ECM volumes in 2024 and 2025, up from a historical average of 3-4%, according to Dealogic. M&A activity reached $177 billion in 2023 and has averaged more than $100 billion annually since.
Goldman Sachs has advised on several of those large deals. The firm worked 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 outbound pharmaceutical deals. It also advised Indovida on its $2 billion merger with EPL and Molycop on its $1.5 billion sale to Tega.
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