Goldman Sachs Group Inc. is making inroads into India's government share sales, a domain long dominated by local finance giants. The Wall Street bank is underwriting government deals for the first time since 2022.

Since the latest divestment wave began in December, Goldman has been credited as an adviser for five of the 10 major transactions. This includes the Life Insurance Corp. of India (LIC) $3.3 billion sale, the nation's largest secondary offering via a stock exchange.

The move signals a shift in India's divestment strategy, opening doors for global banks to compete with entrenched domestic players like SBI Capital Markets and ICICI Securities. Goldman's expanded role reflects growing international investor appetite for Indian state assets.

Analysts say the bank's global distribution network and expertise in large-cap offerings give it an edge in attracting foreign capital, potentially lowering the government's cost of capital in future sales.