The Reserve Bank has given a conditional nod to Japanese financial major Mizuho to acquire a controlling stake in the city-based investment banking player Avendus Capital, according to people familiar with the development.
The main condition from the regulator is that it now wants a comprehensive plan from Mizuho for consolidating or integrating its two NBFC businesses in the country with Avendus, the person told TNIE.
The source, who didn’t wish to be named, further said the Japanese company has been given six more months to come back with a plan for consolidation. When completed, this will be the Japanese company’s third deal in the country. While Mizuho Bank had picked up a 15% stake in 2024 in Bengaluru-based NBFC Credit Saison India , the subsidiary of Credit Saison of Japan, in 2023, Mizuho Leasing had snapped up 51% stake in equipment leasing company Rent Alpha, which has an NBFC subsidiary, Capsave Finance now called Mizuho Capsave Finance.
Established in 1999, Avendus is present in 12 cities across the country, the US and Singapore. Besides being the largest domestic investment bank, Avendus also has a wealth management arm, institutional equities, and a specialized asset management business.
Mizuho Financial Group Inc is one of the largest full-service financial institutions in the world. In Japan, it serves over 20 million retail clients and around 80% of the listed companies. The transaction, announced in December 2025, got the nod from fair trade watchdog Competition Commission, in April 2026.
In December 2025, Avendus Capital had said the US private equity major KKR through its affiliate Redpoint Investments, would sell its majority stake in the former to Mizuho Securities Co, a subsidiary of Mizuho Financial Group of Japan for more than $520 million.
Avendus co-founder and vice chairman Ranu Vohra, (other cofounders being by co-founders Gaurav Deepak and Kaushal Aggarwal) would also divest his shareholding, leading to the Japanese major acquiring over 60% stake. After the acquisition, Avendus will become a consolidated subsidiary of Mizuho Securities.
Multiple options are being evaluated to find a solution that’s acceptable to the central bank within the six-month timeline. The deal is very much on track, the person added.
The Reserve Bank and Avendus didn’t respond when sought confirmation.