TOKYO, Dec 17 (Bernama-Kyodo) -- Mizuho Financial Group Inc. said Wednesday it will buy Avendus Capital Private Ltd., a major investment bank in India, to strengthen operations in the South Asian country with high growth potential, Kyodo News reported.
In the transaction expected to conclude in July 2026, the major Japanese financial group's unit Mizuho Securities Co. will pay up to 81 billion yen (US$524 million) to acquire over 60 per cent of the shares in Avendus from its largest shareholders and make it a consolidated subsidiary, according to Mizuho Financial.
"It will be a significant strength for us to have a partner that knows India" at a time when the number of Japanese companies seeking advice about expanding business there is increasing, said Mizuho Financial President Masahiro Kihara at a press conference in Tokyo.
Avendus, established in 1999, is India's leading financial services firm with strengths in merger and acquisition consulting and wealth and asset management.
Gaurav Deepak, co-founder and CEO of Avendus, said in a statement, "We look forward to bringing innovative capital solutions to the Indian ecosystem, and leveraging our complementary strengths to create deeper financial and economic flows between India and Japan."
-- BERNAMA-KYODO
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