JPMorgan to boost India investments

JPMorgan Chase & Co. plans to double its proprietary investments in Indian firms over the next six to 12 months, the Economic Times first reported, citing JP Morgan India Managing Director, Vedika Bhandarkar. Currently, JPMorgan has invested between $50 million and $750 million in several local Indian firms including Binani Cement, L&T-IDPL and Apollo Hospitals. Proprietary investments are financed through the company's own coffers, not investors'. In addition to increasing its presence in India in terms of capital, JPMorgan also plans to beef up its manpower, the report also said. The firm's local investment banking division, which currently employs 25 people (up from 15 last year), is likely to employ 30-35 people by the year's end, said Mr. Bhandarkar in the report.