JPMorgan Chase & Co. says it plans to expand its investment banking unit in India as the government prepares to sell shares in state-owned companies and local firms consider overseas acquisitions.
"We hope to see a slew of disinvestment in public-sector undertakings," Kalpana Morparia, the bank's country chief executive, said at the India Economic Summit in New Delhi. Indian companies reviewing investments and considering cross-border acquisitions also offer opportunities for its advisory services, she said.
Companies including Barclays PLC and Bank of America Merrill Lynch may vie to manage share sales by the government after the home minister said on Nov. 5 that all profitable state-owned companies must list at least 10% of their equity. Bank of America's India head, Kevan Watts, said these sales will be a "big opportunity."
Robert Morrice, Barclays Capital's Asia-Pacific chairman and chief executive officer, said his company plans to "look into" the government's stake-sale plans and will double its investment banking team in India in the next 18 months. It now employs 35 people.
