Mirae Asset Securities announced on December 12 that it is acquiring local Indian brokerage Sharekhan Limited.
This is the company's first acquisition of a local company in five years, following its entry into the Indian capital market in 2018.
Mirae Asset Securities signed a share purchase agreement (SPA) with BNP Paribas SA on December 12 to acquire Sharekhan Limited. The purchase price is valued at approximately Rs. 30 billion.
Founded in 2000, Sharekhan Limited is one of the top 10 brokerage firms in the country with over 3,500 employees, approximately 3 million accounts under management and a presence in 400 locations across India, 130 branches and over 4,000 business partners (external professional investment network). Last year's net profit was approximately $21 million.
Mirae Asset Financial Group Chairman Park Hyeon-joo, has been focusing on overseas business since his appointment as Global Strategist (GSO), leading to the acquisition of US innovative thematic ETF leader Global X in 2017, Australian manager Global X Australia (formerly ETF Securitie) in 2022, and GHCO in the UK, as well as the acquisition of local Indian brokerage Sharekhan Limited.
"India is a country with unlimited growth potential due to its high level of education, world-class universities, high self-esteem, and common use of English," Park said at the fifth anniversary of the Indian subsidiary in January. "Mirae Asset, which has been actively investing in India for a long time, recognizes its potential and will strive to grow together with India."
As such, it is said that Mr. Park has made the right move to capitalize on India's emergence as a 'post-China' market.
"We are so interested in the Indian market that we are raising capital worth 200 billion won this year," said Yoo Ji-sang, head of Mirae Asset Securities India. "We will make sure that we become the largest integrated financial company in India."
Meanwhile, Mirae Asset Global Investments India, established in 2006, is the only independent foreign capital manager in India, and as of 2023, Mirae Asset Global Investments India has grown to become the ninth largest manager in India with 37 funds and $41 trillion under management.
