Japan's Nomura Plans To Buy An Investment Bank In India, Says Top Exec
Wed, 07/04/2007 - 18:08 — Sahad P V
Japan's Nomura Holdings Inc plans to buy an investment bank in India, its Deputy President Hiroshi Toda has been quoted by agencies as saying. Last month, it was reported that Nomura was in talks with Mumbai-based Enam Financial for an acquisition. Toda, however, declined to name the firm his company is eyeing. Enam was earlier reportedly in talks with JP Morgan for a tie-up or a merger, which has failed to take off.
Toda had said last year that Nomura would start investment banking, trading and research in India in 2007. Last month, it was reported that the Tokyo-based firm would either apply for an investment banking and broking licences or look at acquiring firms with such operations. So Nomura is now dead serious about India.
Nomura also plans to undertake principal investments in India, and it plans to earmark about $200 million for this. In February 2006, Nomura Group had picked up 5 per cent stake in Ahmedabad-based Dishman Pharmaceuticals for over Rs 50 crore ($11.3 million).
Nomura's entry is part of the huge rush by big foreign securities firms into India. Credit Suisse today announced that it received merchant banking licence to operate in India. Another global biggie Bear Stearns is also looking at an India foray.
Related:
Nomura Securities Wants To Enter Investment Banking, Retail Broking
Rumours: Nomura In Talks To Buy Enam; Lehman Interested In Brics Securities
