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South Korea’s leading asset manager Mirae Asset Financial Group aims to enhance its presence in India by acquiring Sharekhan, the Southeast Asian country’s ninth-largest brokerage firm, Korea Economic Daily reported.

Bidders for Sharekhan have recently been shortlisted and Mirae Asset is one of them, people familiar with the matter said on Thursday.

The Korean asset manager has begun due diligence on the Indian brokerage firm, they said, as per the report.

The select bidders are required to make final bids by October and the preferred buyer will be chosen two to three weeks later.

The value of Sharekhan Securities isn’t known, but any acquisition attempt would cost around Rs 25 billion ($302 million), sources said, the report added.

Mirae Asset officials declined to confirm its interest in Sharekhan.

Established in 2000, Sharekhan is a traditional brokerage house with a business focus on stock trading. It was acquired by French investment banking group BNP Paribas in 2016.

With equity capital of $210 million, Sharekhan has about 3,600 employees, the report said.

Through the acquisition of Sharekhan, Mirae Asset aims to strengthen its presence in India’s retail brokerage segment, industry sources said.

Mirae Asset Securities established its India operations in 2018 -- Korea’s first brokerage to do so in the country. The company is expanding its services online by offering digital trading systems, the report added.

Its affiliate Mirae Asset Global Investments Co. had set up a local corporation in Mumbai in 2006.

With the launch of its first investment fund in India in 2008, Mirae Asset Global Investments has since grown to become the country’s ninth-largest asset manager, the report said.

In 2019, Mirae Asset Global Investments India transformed into a holding company to take charge of financial services in the country and in other parts of Asia.