Nomura in talks on Enam, sees flow of big M&A deals

TOKYO, Sept 14 (Reuters) Nomura Holdings is in talks to buy a stake in unlisted Indian financial services group Enam to help it expand in Asia's third-biggest economy, an executive at Japan's largest brokerage said on Friday.

Executive Vice President Hiromi Yamaji also told Reuters that its investment banking business has seen a considerable increase in deals in its pipeline that are larger than 100 billion yen (0 million) including cross-border deals.

The Times of India reported in June that Nomura may buy a 35 percent stake in Enam for 14 billion rupee (8 million) in what would be Nomura's second attempt to forge a joint venture with an Indian firm following a failed attempt in the 1990s with UTI Securities.

Yamaji said Nomura was exploring various options in India including Enam.

''We are still in various negotiations. It's not just Enam. I don't know at this point when that will be announced,'' he said.

Nomura posted a quadrupling of net profit in the April-June quarter, boosted by a handful of big deals in its investment banking division including a share issue by air conditioner maker Daikin Industries Ltd.

While Japanese companies are wary of issuing stock amid the recent turmoil in global financial markets, they are actively seeking M&A deals such as hiving off non-core assets for sale or buying strategic assets to spur growth, Yamaji said.

''Our M&A section is really busy right now. The deals are flowing in. And it's not just the number of deals, there are a fair amount of big deals, including those above 100 billion yen,'' he said.

REUTERS DKS KP1127