ICICI Bank, the country's largest private sector lender, and the Anil Ambani Group are looking at CLSA and Cheuvreux, the broking franchises of French financial conglomerate Credit Agricole, according to international media reports. Both franchises put together may be valued at $3.5 billion.
Chinese brokers had been looking to use some of the cash they raised this year to expand their global reach
The sector has become a serial capital issuer.
Seeking to retain its manufacturing prowess, Chinese government has launched a "Made in China" campaign with a host of tax concessions coinciding with Prime Minister Narendra Modi's "Make in India" pitch.
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