Mumbai: Global banking major Standard Chartered Plc has acquired a 49-per cent stake in UTI Securities Ltd for around Rs147 crore ($36 million) in cash.

Standard Chartered has entered into a strategic partnership with the Securities Trading Corporation of India (STCI) for acquiring the stake, the Asia-focused bank said in a release.

STCI owns 100 per cent of UTI Securities after acquiring it in 2006 from the administrator of the specified undertaking of the Unit Trust of India.

Under the agreement, Standard Chartered has the option to raise its stake in stages to 100 per cent by 2010, subject to necessary regulatory approvals, the release said.

"We welcome Standard Chartered as a strategic investor in UTI Securities. We believe that Standard Chartered with long track-record in India, a large client base and extensive overseas presence will add significant value to UTI Securities," said G Narayanan, managing director of STCI.

"This investment is ground-breaking for the group as it signals entry into securities broking...I see great potential for this business through this strategic partnership," Jaspal Bindra, director, Standard Chartered, said.

"The partnership will enable Standard Chartered to broaden its product offering in wealth management and private banking within India and the non-resident Indian (NRI) product portfolio in our footprint countries," added Standard Chartered CEO Neeraj Swaroop.

UTI offers broking, wealth management and investment banking services across 60 cities in India.