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Rediff.com  » Business » Merrill Lynch ups stake in Indian JV to 90%

Merrill Lynch ups stake in Indian JV to 90%

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December 08, 2005 15:40 IST
Merrill Lynch has acquired DSP Merrill Lynch (DSPML) by buying around 50 per cent stake for $500 million, and in the process increased its share in the Indian joint venture to 90 per cent.

The US-based company will also start the process of delisting DSP Merrill Lynch from Bombay Stock Exchange by making an offer for the traded shares of the joint venture, according to a statement issued by Merrill Lynch on  Thursday.

"The deal is expected to close in the first half of 2006 subject to various regulatory approvals," the statement said.

Merrill Lynch did not disclose whether the entire 50 per cent stake has been bought from its partner Hemendra Kothari who will continue to remain chairman of DSP Merrill Lynch.

"Hemendra Kothari will continue as chairman of DSP Merrill Lynch, and will take on added responsibility as vice-chairman of Merrill Lynch International supporting Merrill Lynch's growth plans internationally and assisting Indian companies in their global endeavours," the statement said.

As part of the deal, DSPML Fund Managers, a wholly-owned asset management subsidiary of DSPML, will continue to be operated as a joint venture by DSPML, which will own 40 per cent, with Hemendra Kothari and related entities holding the remaining 60 per cent.
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