Mirae Asset acquires Indian brokerage Sharekhan

Mirae Asset-Indian brokerage

Mirae Asset acquires Indian brokerage Sharekhan

SEOUL, Dec. 12 (Yonhap) -- South Korea's Mirae Asset Securities Co. said Tuesday that it has purchased a 100-percent stake in an Indian brokerage Sharekhan Ltd. for some 480 billion won (US$364.9 million).

"(Mirae Asset) now has a chance to establish a strong footing in the Indian stock market with its takeover of Sharekhan," an official at Mirae Asset said.

"The company plans to create new business opportunities through collaboration between Sharekhan and Mirae Asset Global Investments."

Sharekhan is India's 10th-largest securities company founded in 2000. It currently has some 3,500 employees that manage around 3 million accounts at some 130 branch offices throughout India, according to Mirae Asset.

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