Dubai-based Eastgate Capital Group has bought a key stake in Avendus Capital Private Limited, one of India‘s leading financial services company for an undisclosed amount.

Eastgate Capital is the private equity subsidiary of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia (NCB).

On the strategic move, Nasr-Eddine Benaissa, co-managing partner, Eastgate Capital Group said, “India is one of the most attractive markets in the world and is well positioned to be a driving force in the global economy. Indian financial services, and in particular investment banking and capital markets related businesses, will naturally benefit from this momentum."

"In this context, we are pleased to be partnering with a high performing firm such as Avendus, which has a strong track record, a highly talented team and a distinctive culture," Benaaissa observed. 

Ranu Vohra, managing director & CEO, Avendus Capital said, “We are excited about partnering with Eastgate Capital Group in our next phase of growth. As Avendus builds its capabilities in capital markets and institutional broking we believe that the team at Eastgate will help us in building our global network of relationships particularly in the Middle East, which is increasingly becoming a source of capital for fast growing Indian corporates."

"We have spent considerable time with the team at Eastgate and are impressed by their knowledge and expertise in financial services. Eastgate and its parent NCB Capital are highly respected institutions and we expect this relationship to be very rewarding for our team, clients and shareholders," Vohra noted.

Rajiv Nakani, director, Eastgate Capital Group will join the board of Avendus Capital. Nakani has over a decade’s experience in investing and investment banking and brings with him in-depth domain knowledge across various sectors, he added.-TradeArabia News Service