MUMBAI, July 17 (Reuters) - Citigroup ( C/PN ) plans to

bolster the headcount in its India investment banking unit,

betting on a surge in equity capital market and M&A deals in one

of the world's fastest growing economies, a top country

executive said.

"We haven't firmed up the numbers, but it would be a

meaningful increase between this year and next year," Rahul

Saraf, managing director and head of India investment banking

unit, which currently has around 30 dealmakers, told Reuters.

A sharp surge in equity deals in India has made it a bright

spot in an otherwise dull Asia. It emerged as the second busiest

market in the world for equity ECM deals after the United States

and is third largest in IPOs in the first half of 2024.

The momentum is expected to continue with South Korean

carmaker Hyundai Motor's ( HYMTF ) India unit eyeing a

$3-billion IPO, while SoftBank-backed Ola Electric is looking to

raise $660 million in a stock market trading near record highs.

Citi has been the advisor on $6.3 billion worth of equity

capital market deals (ECM) and $7.9 billion worth of M&A

transactions in India so far this year, Dealogic data showed,

putting it ahead of Wall Street rivals Morgan Stanley ( MS ), Goldman

Sachs ( GS ) and JP Morgan.

Last week, the third largest U.S. lender beat Wall Street

expectations for second-quarter profit, boosted by a jump in

investment banking, markets and services revenue. Investment

banking fees jumped 60% in the second quarter to $853 million.

In the remainder of 2024, Citi India expects there will be

many M&A and ECM deals where the size could aggregate to up to

$20 billion, Saraf said, which will help it take its share of

deal volumes and market share as an advisor to an all-time high.

Saraf added that 25-30 mid-sized firms could list locally

over the next two years.