Japanese banking group Mizuho Financial is on the verge of completing its acquisition of a majority stake in Avendus Capital, one of India’s leading investment banks. The deal, valued at around ₹5,900 crore, is expected to be finalized this week, marking one of the largest foreign investments in India’s financial services sector.
The transaction involves KKR and other early investors exiting their holdings in Avendus. Post-acquisition, Mizuho is expected to hold approximately 65–70% of the company, while the remaining shares will stay with Avendus’ founders and a few local investors. Despite the change in majority ownership, the existing leadership at Avendus will continue managing day-to-day operations, ensuring business continuity. Mizuho will, however, gain significant influence through board representation and strategic input on the firm’s growth plans.
Discussions on the deal have been underway for several months, with both parties working closely to finalize terms, including valuation, governance, and management continuity. The Avendus board is expected to meet shortly to approve the transaction, clearing the final regulatory and corporate approvals needed for closure.
This acquisition forms a key part of Mizuho’s strategy to expand its footprint in India, a market it sees as high growth for investment banking, wealth management, and capital markets. By acquiring Avendus, Mizuho aims to strengthen its capabilities in advisory services, private equity, and asset management, leveraging the expertise and established client base of the Indian firm.
Industry experts note that the deal signals increasing confidence of foreign banks in India’s financial sector and reflects the growing trend of international investors seeking stakes in domestic investment banking firms. Once completed, this acquisition will not only enhance Mizuho’s presence in the country but also support Avendus’ growth ambitions, enabling it to compete more effectively with global and domestic peers.