Anil Ambani group's Reliance Money announced its foray into Nigeria on Sunday through a partnership with Lagos-based industrial house Chellarams Plc
NEW DELHI: As part of its plans to expand global footprint and earn half of revenue from overseas, Anil Ambani group's Reliance Money announced its foray into Nigeria on Sunday through a partnership with Lagos-based industrial house Chellarams Plc.
Reliance Money, which has become the first Indian broking and distribution firm to offer financial services to retail investors in Nigeria and Africa, also plans to join the Lagos Stock Exchange as its member in the future.
Announcing the tie-up, R-Money CEO Sudip Bandyopadhyay said, "This is our first move to reach out to the large base of NRI and PIOs in Nigeria... Our presence in Nigeria will complement our efforts to have a larger role in this region."
Nigeria is the first African country where R-Money would start its operation in less than one year of its decision to tap the overseas markets.
The company has already forayed into the UAE, Saudi Arabia and Hong Kong, and plans to expand its operations in over 15 countries across Europe, North Africa, the West Asia and South East Asia by next year.
It is the first Indian company to have received an in-principal approval for setting up a branch and offering investment advice in the Sultanate of Oman.
Reliance Money CEO said that the company aims to generate 50 per cent of its revenues from overseas markets by 2012 and capture a bigger share of the record 195 billion dollars invested in India last year by overseas funds.
Nigeria is one of the largest financial markets and most populated regions in Africa.
"The new venture will be an efficient platform in Nigeria to transact Indian financial instruments, Chellarams Plc Managing Director Suresh Chellaram said.
Through this alliance, R-Money would be launching its broking and Portfolio Management Services (PMS), mutual fund and insurance distribution business.
"With a view to providing financial services to a larger section of society, we are introducing our cost-effective PMS to investors with a threshold level of 50,000 dollars, which will enable a lot of investors, who have not been able to use these services because of high cost of entry, to opt for our services," Bandyopadhyay added.
Reliance Money, part of 100-billion-dollar Anil Ambani group's financial services arm Reliance Capital, provides services ranging from equities, equity options and commodities futures, mutual funds, IPOs, life and general insurance products, offshore investments and credit cards.
It is the largest broking house in India with over 2 million customers and 8,500 outlets across 4,250 locations and endeavours to change the way investors transacts in financial markets and avails financial services. The average daily volume on the stock exchanges is Rs 2,000 crore, representing approximately 3 per cent of the total stock exchange volume.
Chellaram commenced operations in Nigeria in 1923 and was listed on Nigerian Stock Exchange in 1978. It has turnover of over 100 million dollars and is supplemented by distribution centres in 10 major cities around the country.
Its operations consist of a FMCG and chemicals distribution business, a bicycle manufacturing and motorcycle assembly division, a food packaging unit, an industrial goods sales and maintenance subsidiary, a plastic films manufacturing unit and a consumer electronics wholesale and retail business.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}