Goldman Sachs Expands Mumbai Presence As Fadnavis Pitches ‘Third Mumbai’ As Growth Engine
Maharashtra CM says new global financial hub in Raigad will transform region’s economy
Mumbai, August 18 – Maharashtra Chief Minister Devendra Fadnavis on Monday inaugurated the expanded Mumbai office of Goldman Sachs, calling it a symbol of investor confidence in India’s financial capital and linking it to the state’s ambitious plan of developing a “Third Mumbai” in Raigad district.
The Chief Minister, speaking at the opening ceremony in Worli, said the expansion of one of the world’s most prominent investment banks in Mumbai highlighted the state’s skilled workforce, robust markets and investment-friendly policies. He stressed that Maharashtra was determined to position itself as India’s leading economic hub through public-private partnerships and large-scale infrastructure projects.
‘Third Mumbai’ Vision: Universities, Innovation Hub, AI Research
Unveiling details of the government’s Third Mumbai project, Fadnavis said the new hub would not just be a satellite city but a full-fledged financial and innovation centre. Plans include an international medical college, an innovation hub with cutting-edge research facilities, and dedicated zones for quantum computing and AI-driven technologies.
Connectivity will be a major focus, with links to the existing city via the Coastal Road, Atal Setu, and the upcoming Worli-Shivdi Link Road. “This project will accelerate Mumbai’s development and ease the pressure on the existing financial capital,” the Chief Minister noted.
He urged private investors to play an active role in the mega development, assuring that all approvals would be fast-tracked at the state level. “Maharashtra is an investor-friendly state. We are removing barriers to ensure a smooth business environment. Any hurdle faced by investors will be promptly resolved,” Fadnavis promised.
Goldman Sachs: Marking A New Milestone In India
The new Goldman Sachs office in Mumbai has been designed as a next-generation workplace, offering state-of-the-art conference centres, Zoom-enabled meeting rooms, collaboration spaces, focus rooms, adjustable desks and a multi-purpose café.
Kevin Sneader, President of Goldman Sachs, described India as a critical growth market, while Sanjay Chatterjee, CEO of Goldman Sachs India, called the new office “a milestone in our India journey,” highlighting its emphasis on collaboration, innovation and employee well-being.
Goldman Sachs has been active in India since the 1980s, establishing a wholly owned presence in Mumbai in 2006. Since then, the bank has expanded across investment banking, equity sales, trading, asset management and research.
According to Dealogic data, since 2021 the bank has been among the leading investment banks in India, helping raise over $10 billion through IPOs and block trades, including some of the country’s largest. Since 2006, Goldman Sachs has invested over $8.5 billion in Indian capital markets.
Why It Matters
The inauguration comes as Maharashtra pushes its Third Mumbai strategy to decongest the existing metropolis and create a globally competitive financial district in Raigad. With multinational investment banks expanding their footprint, the project is expected to attract more foreign direct investment (FDI), create high-value jobs, and establish Mumbai as a long-term rival to other Asian financial hubs such as Singapore and Hong Kong.