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Reliance Cap to venture into investment banking biz by March

Reliance Cap to venture into investment banking biz by March
PTI
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First Published: Thu, Oct 08 2009. 03 54 PM IST
Updated: Thu, Oct 08 2009. 03 54 PM IST
New Delhi: Anil Ambani group firm Reliance Capital Thursday said it plans to enter investment banking space by the end of the current fiscal.
“This is a missing link in the our business. We are aiming to set up the investment banking venture by the end of March 2010,” Reliance Capital Ceo Sam Ghosh told PTI.
Reliance Capital has already secured merchant banking licence from the market regulator Sebi, he said, adding, the company would soon start the process of hiring top management for the business.
When asked about the activity that the proposed venture would undertake, Ghosh said, “We can look at various things like advisory in merger and acquisitions, equity and debt, but we have not firmed up any plans on that yet.”
Addressing shareholders ADA Group chairman Anil Ambani had said, “Given the scale and magnitude of our relationships across corporate India and the sheer size and reach of our distribution network, we are ideally positioned to create a significant presence in this business.”
Besides, the company is focusing on high net-worth individuals and financial institutions for raising funds for its private equity business, which would look at buyouts and acquisition financing among others.
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First Published: Thu, Oct 08 2009. 03 54 PM IST