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Bear Stearns plans to enter India by acquiring the financial arm of U.S.-based automaker Ford Motor [F
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], the Economic Times newspaper said in an unsourced story on Wednesday.
Bear Stearns will buy the financial arm, Ford Automotive Finance, for 900 million rupees ($22.09 million), the newspaper said.
It plans to invest 1 billion rupees ($24.54 million) to comply with the Indian regulations and start a full-fledged financial services company, the report said.
On Tuesday, Lehman Brothers Holdings agreed to buy the institutional equities business of Indian brokerage Brics Securities for an undisclosed sum.
India has about 1,050 registered foreign institutional investors, data from the market regulator Securities & Exchange Board of India showed, with 32 asset management firms managing over 4 trillion rupees ($99 billion) worth of assets.
The list of foreign institutional investors operating in India includes Citigroup, UBS, Morgan Stanley and Goldman Sachs.
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