MUMBAI: South Korea’s Mirae will invest $300 million to set up investment banking operations in India and compete with established leaders like JM Capital, Kotak and ICICI Securities.
The Indian operations of Mirae Asset Capital Markets India will be headed by Benedict Ryu, and supported by Aditya Loonkar, a former senior executive of Investec, and Anshul Mittal, a former senior executive from Tata Capital.
Loonkar, who was heading fixed income at Investec and Mittal, who was heading M&A advisory at Tata Capital, will be co-heads of investment banking. Prior to this, Benedict Ryu was in charge of Indonesian capital markets for Mirae Asset.
A spokesperson for Mirae Asset Capital refused to comment on the issue. Mirae group already operates an asset management arm in the country since 2007 which is ranked 20th in the 42-player industry with assets under management of Rs 16,000 crore.
Globally, it has presence in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Mongolia, Singapore, Taiwan, the UK, the US and Vietnam.