The Reserve Bank of India has granted conditional approval for Mizuho to acquire a controlling interest in Avendus Capital, reported The New Indian Express citing sources.  

As part of the approval, the regulator has asked Mizuho to submit a detailed proposal for combining or integrating its two non-banking financial company (NBFC) businesses in India with Avendus. The Japanese group has six months to submit the plan, the people said. 

Mizuho Bank bought a 15% holding in Credit Saison India, a Bengaluru-based NBFC, in 2024. The business is a subsidiary of Japan’s Credit Saison. 

In 2023, Mizuho Leasing acquired 51% of equipment leasing company Rent Alpha, whose NBFC subsidiary, Capsave Finance, has since been renamed Mizuho Capsave Finance. 

Founded in 1999, Avendus operates in 12 cities across India, the US, and Singapore.  

Its businesses include investment banking, wealth management, institutional equities, and asset management. 

Avendus announced in December 2025 that KKR affiliate Redpoint Investments would sell its majority stake to Mizuho Securities, a subsidiary of Mizuho Financial Group, for more than $520m. 

Co-founder and vice chairman Ranu Vohra is also selling his holding. Vohra established Avendus with Gaurav Deepak and Kaushal Aggarwal.  

Once completed, the transaction will give Mizuho more than 60% of Avendus and make the investment bank a consolidated subsidiary of Mizuho Securities. 

The Competition Commission cleared the transaction in April 2026. 

Mizuho is assessing several structures to meet the Reserve Bank’s requirements within the six-month period, the people said. The transaction remains on track, they added.