Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy.

The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015.

Founded in 2000, Sharekhan Limited is the 10th-largest brokerage in India with its net profit standing at $21 million last year. It has some 3,500 employees and around 130 branches across the nation with nearly 3 million customer accounts.

Mirae Asset Financial Group has been proactively expanding its portfolio in the fast-growing country. Its brokerage arm, Mirae Asset Securities, launched its Indian subsidiary in 2018, while asset manager Mirae Asset Global Investments went into the market in 2006.

Mirae Asset Global Investments' Indian subsidiary further found a branch in Dubai last year, in response to the Middle Eastern region’s high interest in investments in India.

"With the acquisition of Sharekhan Limited, (Mirae Asset Securities) has seized the opportunity to predominate the brokerage business in India, which will show long-term growth," an official from Mirae Asset Securities said.

"We plan to create synergy with Mirae Asset Global Investments, the only foreign asset manager in India,” the official added.

Under the helm of Mirae Asset Financial Group founder Park Hyeon-joo, who is the group's global global strategy officer, the finance group has been working on strengthening its global presence through mergers and acquisitions.

Prior to the acquisition of Sharekhan Limited, Mirae Asset Securities' London subsidiary acquired GHCO, a UK-based liquidity provider, in May. Mirae Asset Global Investments acquired US exchange-traded fund provider Global X in 2018 and Australian exchange-traded fund provider ETF Securities, now named Global X Australia, in 2022.