Asia’s Richest Banker Explores Takeover of IndusInd Bank

Kotak Mahindra Bank Ltd., backed by Asia’s richest banker, is exploring a takeover of smaller Indian rival IndusInd Bank Ltd., people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets.

Uday Kotak, founder and chief executive officer of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, asking not to be identified as the discussions are private. Uday Kotak and the Hinduja family have held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal, another person said.