Macquarie appoints India head

Gaurav Gupta, a former Nomura executive, will head Macquarie’s investment banking advisory business in India.

Macquarie Capital has appointed Gaurav Gupta as the head of its investment banking advisory business for India, according to a statement.

Gupta, who joins Macquarie from Japanese investment bank Nomura, will head Macquarie Capital advisers from Macquarie’s Mumbai office. At Nomura, he led the firm’s Indian telecommunications, media and financial services investment banking team.

Andrew Low, Macquarie Capital’s head of Asia, said in a statement that India “remains a high priority for the firm”, and that Macquarie will continue to invest in the business, which comprises corporate finance and advisory, infrastructure fund management, equity sales and research and wealth management.

Last year, Macquarie and the State Bank of India launched fundraising on a further $500 million for their jointly managed India infrastructure fund, which closed on $1 billion in April 2009.

The total equity target for the fund is between $2 billion and $3 billion. The fund plans to invest in “traditional infrastructure assets that generate long term identifiable cash flows, and that exhibit essential characteristics,” Macquarie said back in April.

Macquarie has also been active in infrastructure investment banking advisory. The firm advised on the largest-ever initial public offering in India, that of Reliance Power, according to the statement.