(24 October 2006 – India) BNP Paribas is set to buy a 33 percent stake in Indian broking firm Geojit Financial Services pending regulatory approval.The deal is the French bank’s second investment in India following the purchase of a 49.9 percent stake in mutual fund firm Sundaram Asset Management 12 months ago.
The bank sank an extra US$63 million into its Indian business earlier this month, pushing its overall investment in India to more than US$220 million.
There is no information yet on whether those funds have been used to purchase Geojit.