Morgan Stanley to Carve its Own Path in India

Word from the Dealbook at NY Times: "Morgan Stanley said it would build its own investment banking business in India in an effort to win a bigger share of the record income from merger advisory, stock underwriting and brokerage fees there. Overseas funds invested $8.94 billion in stocks and bonds last year, compared with a record $9.46 billion in 2005. The deal echoes moves by Goldman Sachs and Merrill Lynch, who in the last year or so split from local partners to increase their shares of the Indian market."