Enam, JP Morgan in talks for alliance

Vallabh Bhansali-controlled Enam Financial Consultants, one of the leading home-grown investment banks in India, is learnt to be in talks with JP Morgan for a strategic alliance.

Sources close to the developments said that the alliance with JP Morgan might also include acquisition of equity in Enam. Talks were at an advanced stage, they said.

Lehman Brothers, which had also expressed interest in Enam earlier, is learnt to be out of the race, making JP Morgan the sole candidate for a strategic tieup.

When contacted, an official spokesperson for Enam said: "We do keep getting offers for a strategic alliance. It is a continuous evolution process. Presently, we are solo." An official spokesperson for JP Morgan said: "As a policy we don't comment on market speculations."The sources, however, said the JP Morgan was looking at buying 50 per cent stake in Enam. Read more in Business Standard