Business cooperation to offer pervasive bouquet of financial services to individual and corporate customers

Tata Capital and Mizuho Securities Co (MHSC) today announced that they have reached a preliminary, non-exclusive understanding to promote an alliance in private equity, investment banking including cross border mergers and acquisitions, securities business including broking and distribution, structured finance and other business areas such as wealth management.

Tata Capital is a wholly-owned subsidiary of Tata Sons, the apex holding company of the Tata Group. The company is registered with the Reserve Bank of India as a non-banking financial company undertaking fund and fee-based businesses in the financial sector. The Tata Group is one of India's largest and most respected business conglomerates with revenue in 2006-07 of over $29 billion, the equivalent of about 3.2 per cent of the country's GDP. The Group's combined revenue, including the Corus acquisition, stands at
$49 billion.

As part of the alliance, Tata Capital will explore business opportunities with Mizuho Securities in the synergistic areas mentioned above and other related opportunities of co-operation. Subject to relevant regulatory considerations and approvals, the alliance will see Tata Capital and MHSC reinforcing the Indo-Japanese financial corridor. The alliance will also see Tata Capital explore possibilities of drawing upon MHSC's reach for its private equity business in the future.

"We are pleased to explore business opportunities with Mizuho Securities and shall work towards strengthening synergies in our respective financial services business areas. This will enable us to offer our clients sophisticated solutions for their investment and financial needs," said Praveen P Kadle, managing director, Tata Capital. "We believe that there is a significant opportunity to create multi-faceted financial service offerings enabling customers to exercise greater flexibility while choosing their financial services partner. This alliance will reinforce Tata Capital's abilities to capitalise on opportunities available in the financial services domain and shall offer both parties an avenue to enrich their talent pool through knowledge transfer initiatives," added Mr Kadle.

"MHSC and its parent company Mizuho Corporate Bank (MHCB) attach strategic importance to India - an important business destination in Asia. This alliance with Tata Capital will provide significant potential for expansion of businesses in India. MHSC, in collaboration with MHCB, will continue efforts to offer a comprehensive bouquet of offerings in India by constantly enhancing its portfolio of products and services," said Shigeyoshi Nishiyama, deputy president, Mizuho Securities.