Mizuho Buys Majority Stake in India’s Avendus in $523M Deal

What Is Mizuho purchaseing—and Why India?

Japan’s Mizuho Securities will purchase a majority stake in Indian investment bank Avendus for up to 81 billion yen ($523 million), taking control of between 61.6% and 78.3% of the firm’s shares. The deal, announced Wednesday, extends the push by Japanese financial institutions into India as they look for growth markets to offset the effects of an ageing population and stagnant domestic demand.

The acquisition will make Avendus a consolidated subsidiary and give Mizuho deeper access to India’s dealmaking, advisory and capital-markets landscape. KKR, which first invested in Avendus in 2016, is tradeing the majority portion of its stake.

For Mizuho, India has become a top priority. Chief Executive Masahiro Kihara told reporters in Tokyo that the bank is viewing a sharp rise in inquiries from corporate clients viewking expansion in the country. “On the investment was a missing piece,” he said, adding that clients routinely ask how to position themselves in a market growing far quicker than Japan.

Investor Takeaway

How Does Avendus Fit Into Mizuho’s Global Network?

Mizuho says the deal strengthens its ability to link advisory teams across regions, including Greenhill, the U.S. M&A firm it bought in 2023. Kihara said the Greenhill acquisition has already improved cross-border dealmaking and that adding India fills a key geographic gap.

“Better cross-regional collaboration has been one of the great things about the Greenhill acquisition,” he said. The Avendus is meant to bring India into that network, giving Mizuho a local partner with sector depth in technology, industrials, healthcare, energy and infrastructure—areas where global interest in India has been climbing.

Avendus CEO Gaurav Deepak said the partnership will allow the bank to expand. “We expect to invest far more in industrials, healthcare, infrastructure and energy,” he told reporters, noting that the firm plans to increase hiring to support that growth.

Why Are Japanese Banks Increasing Their Exposure to India?

The acquisition comes as Japanese lenders ramp up activity in India, drawn by strong GDP growth, a large corporate sector and rising inbound investment. Earlier this year, Sumitomo Mitsui Financial Group purchased 24.2% of Indian lender Yes Bank, a move that gave it a foothold in retail and corporate banking.

The divergence between the two economies is stark. Japan faces a shrinking workforce and persistent low growth, pushing its banks to search abroad for higher-return opportunities. India, by contrast, has a young demographic profile, a growing manufacturing sector, and deal flow that continues to rise across private equity, infrastructure financing and cross-border M&A.

Mizuho’s move follows years of Japanese corporate interest in India, from automotive investments to industrial partnerships. As competition for advisory mandates picks up, owning a local investment bank provides a quicker route into transactions that require on-the-ground presence.

Investor Takeaway

What Comes Next for Avendus and Mizuho?

Once the acquisition closes, Avendus will operate as part of Mizuho’s global advisory platform, with increased coordination between teams in India, the U.S., Europe and Japan. The companies expect the partnership to deepen sector coverage and support cross-border mandates for Indian corporates tapping foreign capital and for international clients entering India.

For Avendus, the deal provides capital to scale and a direct line into Mizuho’s multinational client base. For Mizuho, it represents a structural entry point into one of the world’s strongest investment-banking markets outside China.