Japan-based Mizuho Financial Group is set to acquire a controlling stake in Indian financial services firm Avendus Capital from private equity major KKR for up to ¥81 billion, reflecting Japan’s growing financial engagement in India’s banking and investment sector.
Acquisition Details
Mizuho Securities will purchase between 61.6% and 78.3% of Avendus Capital’s shares, making it a consolidated subsidiary. This move strengthens Mizuho’s investment banking presence in India and complements its 2023 acquisition of US-based M&A advisory firm Greenhill.
Strategic Implications
Mizuho’s CEO Masahiro Kihara highlighted that the acquisition fills a critical gap in the company’s investment banking operations and supports cross-regional collaboration. The deal leverages Avendus’s expertise in investment banking, wealth management, and asset management, integrating local know-how with Mizuho’s global advisory network.
Impact on Avendus
Avendus CEO Gaurav Deepak confirmed the acquisition will aid the firm’s expansion plans, including increased hiring across industrials, healthcare, infrastructure, and energy sectors, as well as enhancing capital investment in India’s diversified economy.
Background and Industry Context
KKR invested in Avendus in 2016, facilitating its institutional growth. This transaction represents a broader trend of Japanese capital entering Indian financial services, following moves like Sumitomo Mitsui Financial Group’s 24.2% stake acquisition in Yes Bank earlier in 2025.
Summary
Mizuho’s acquisition of a majority stake in Avendus from KKR for up to ¥81 billion strengthens its investment banking presence in India, integrates local expertise with global operations, and supports Avendus’s growth across key sectors while marking increased Japanese participation in India’s financial services market.
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