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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] Mirae Asset Securities has completed its acquisition of India's Sharekhan Securities, marking a significant expansion into the Indian market. On the 26th, Mirae Asset held a board meeting and conference call to announce the completion of the acquisition. The new entity will be known as Mirae Asset Sharekhan, with the total transaction amount reaching 5.7 trillion KRW.
Initially, the acquisition price was estimated at 4.8 trillion KRW as of March 2023. However, the final price was adjusted upwards based on the company's earnings and other factors by the time the deal closed. Although the deal was expected to be finalized in the summer, it was delayed due to the need for approval from several Indian financial authorities, with the target revised to complete the acquisition by the end of the year.
India's stock market has experienced rapid growth since its market capitalization surpassed 1 trillion USD in 2007, reaching 2 trillion USD in 2017. This growth has accelerated, with India’s market capitalization reaching 5 trillion USD this year. The market’s potential is particularly strong due to India's young population and the relatively low number of stock market account holders, signaling significant growth opportunities.
Additionally, the Indian government’s 2024-2025 budget includes a record infrastructure investment plan of 133.8 billion USD (approximately 187 trillion KRW), which is expected to drive sustained economic growth of 6-7% annually, further enhancing the prospects for the Indian financial market.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
