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NEW DELHI (AP) - Morgan Stanley Inc., the second-biggest investment house on Wall Street, said Thursday it is ending its eight-year-old joint venture with an Indian company in an effort to fully integrate businesses in the lucrative Indian market with its global operations.
Morgan Stanley said it has agreed to pay $445 million to J.M. Financial Ltd. to buy its 49 percent stake in the brokerage joint venture — J.M. Morgan Stanley Securities Ltd. — which was set up in 1999.
A statement from the New York-based investment bank said the Indian partner, in return, has agreed to buy Morgan Stanley's 49 percent stake in the investment banking venture, J.M. Morgan Stanley Ltd., for about $20 million.
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