Mizuho to Acquire Avendus Capital for $700 Million

10 Jun 2025 CW Team

Japanese financial major Mizuho Financial Group is poised to acquire KKR-backed Indian investment bank Avendus Capital in a deal reportedly valued at Rs 60 billion (approximately $700 million), marking Mizuho’s largest-ever investment in India.

The agreement follows extensive negotiations and is expected to be formally announced during Mizuho CEO Masahiro Kihara’s visit to India this week. The deal will see KKR exit its 60 per cent stake in Avendus, along with early investors and co-founder Ranu Vohra. Founders Kaushal Aggarwal and Gaurav Deepak will continue to lead operations, though Mizuho will hold up to 70 per cent equity and exercise veto rights.

Established in 1999, Avendus provides services across investment banking, credit solutions, institutional equities, wealth, and asset management. Its 2022 acquisition of Spark Capital strengthened its capital markets footprint. For the nine months ending December 2024, Avendus reported Rs 10.35 billion in revenue and Rs 1.7 billion in net profit.

KKR, which invested Rs 9.5–10 billion in Avendus in 2015, is set to earn a 3.5x return on exit. Other interested bidders, including Carlyle and Nomura, were edged out by Mizuho due to stronger strategic synergies and cross-border prospects.

The deal underscores Japan’s growing interest in India’s financial ecosystem. SMBC recently invested in Yes Bank, and Mizuho itself acquired a 15 per cent stake in Kisetsu Saison Finance. With five branches already operational in India and over $500 million infused into its Indian business, Mizuho has also appointed former KKR India head Sanjay Nayar as an advisor to strengthen its local strategy.

The formal closure of the transaction is anticipated later this week.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..