Phillip Capital acquires MF Global's Indian unit

Singapore-based financial firm Phillip Capital today said it has agreed to acquire a majority stake in bankrupt broker MF Global's Indian unit. Phillip Capital and MF Global Sify Securities India Private Limited have entered into a share purchase agreement, the company said in a statement. Click here for Cloud Computing Also Read Related Stories News Now - Sify to sell entire stake in MF Global Sify Securities - MF Global's Corzine ordered funds transferred, says memo - MF Global's Corzine faces new scrutiny on customer accounts - Battle lines forming between MF Global customers, hedge funds - Lehman investors traded $32 bn of firm's debt last year - MF Global trustee has no plans to transfer more cash As per the agreement Phillip Capital will acquire a majority stake from MF Global Overseas Limited and Sify Technologies Ltd, it said. "The company will be renamed as Phillip Securities India Private Ltd," it said. In addition, it said Phillip Capital had also entered into a separate agreement for the acquisitions on all the other MF Global India operations. The transactions are subject to the requisite regulatory approvals, it added. Sify Technologies said it has reached a deal to sell its entire stake in MF Global Sify Securities India in an all-cash deal. According to the terms of the agreement entered with MF Global Sify Securities India, MF Global Overseas and Phillip Capital Group, the Singapore-based financial services company through its related firms will buy a majority stake in MF Global Sify Securities India, Sify said in a statement.