Mizuho Financial Group has agreed to acquire a controlling stake in Avendus Capital, an investment bank backed by KKR, according to Bloomberg.

The deal values a 78.3% stake at 47bn rupees, equivalent to $516m.

Japan’s third-largest bank has secured agreement to purchase 61.6% from a major shareholder and is seeking approval from remaining holders to increase its ownership. The transaction is set to become Mizuho’s largest investment in India.

Avendus was founded in 1999 and operates across investment banking, wealth management, and asset management. The firm has advised on several of India’s largest equity offerings and strategic transactions.

Mizuho said the acquisition strengthens its corporate and investment banking presence in India, which has become a hotspot for IPO activity amid strong economic growth.

Mizuho Chief Executive Officer Masahiro Kihara said: “India has been a missing piece and the partnership with Avendus will fill that.”

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