Dabur India’s promoters, the Burman family, have formed a joint venture (JV) with global investment banking firm Espirito Santo Investment Bank (ESIB) for equity research brokerage business in India. The new joint venture - Espto Santo Securities will be a subsidiary of ESIB. The companies have appointed Nick Paulson Ellis as the CEO of Espirito Santo Securities.
The joint venture will incorporate the team in India that will be held indirectly by ESIB. Espirito Santo Investment Bank is engaged in institutional equity research for some of the leading asset management institutions investing in India. However, the company has not disclosed the shareholding pattern. The Burman family is understood to control 25% and the rest will be with ESIB.
With the Burman family, a broader, stronger business can be developed, extending the brokerage capability initially, and extending the investment banking proposition for clients over time.
ESIB, a part of Portugal-based banking conglomerate Banco Espirito Financial Group, is an international investment banking and securities firm that sees huge potential in select emerging economies such as Brazil, India, Poland and increasingly Africa.
Dabur is one of India’s largest consumer goods companies, which has a market capitalisation of $4 billion. The promoter family has diversified investments across financial services, including an Indian life insurance joint venture.
| Company Name | CMP |
|---|---|
| Hindustan Unilever | 2158.25 |
| Godrej Consumer Prod | 1082.50 |
| Dabur India | 431.10 |
| Colgate Palmol. (I) | 1928.75 |
| P&G Hygiene | 9920.00 |
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