Japanese trading house Mitsubishi UFJ Financial Group Inc (MUFG) (TYO:8306) is in advanced talks to buy a 20% stake in Indian non-banking finance giant Shriram Finance for about 23,300 crore rupees ($2.6 billion), the Economic Times reported on Wednesday.
The deal has the potential to become the largest foreign acquisition of an Indian non-banking finance corporation, the ET report said, citing people familiar with the matter.
Reports of the deal also come amid increased interest in India’s massive financial sector, especially in the country’s banks and shadow lenders.
Earlier this year, MUFG peer Sumitomo Mitsui Financial (TYO:8316) bought a 20% stake in India’s Yes Bank Ltd (NSE:YESB) for about $1.58 billion. The trading house purchased another $349 million stake in Yes Bank in September.
Source :
https://www.investing.com/news/stock-market-news/japans-mufg-in-talks-to-buy-indias-shriram-finance-for-26-bln-economic-times-4264900
