Morgan Stanley to buy out India jv partner |
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Published
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Thu, 22 Feb 2007 13:19
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BOMBAY (XFN-ASIA) - Morgan Stanley will pay 425 mln usd to end a partnership with Indian firm JM Financial and go solo to tap booming investment banking opportunities in the country, a statement said.Morgan Stanley will buy out the joint venture's institutional equities sales, trading and research outfits for 19.7 bln rupees, according to a statement from the firm.'It is now the right time for Morgan Stanley to develop a wholly owned full-service India platform,' the US firm said in the statement.The transaction is set to be completed between January and March 2008.The original joint venture JM Morgan Stanley was inked in 1997.sal/ejl/jc
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Morgan Stanley buying CNL in $3.13B deal 