Financial Daily from THE HINDU group of publications
Wednesday, Feb 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 18, 2004 |
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Money & Banking
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Financial Services Karvy eyes more ventures a la Computershare deal C.R. Sukumar
Hyderabad , Feb 17 CLOSE on the heels of roping in the Australian major in registrar and share transfer services - Computershare - for floating a 50:50 joint venture for business in securities registry services, Karvy group, the Hyderabad-based financial services major, is now weighing similar options in other businesses currently being carried on by it. "We are chalking out a major strategy primarily aimed at further consolidating our leading position in the Indian financial services market and also to make significant inroads into the global financial services market," the Karvy Chairman, Mr C. Parthasarathy, told Business Line. The key services currently being offered by Karvy include stock market, mutual funds, personal finance, advisory services, dematerialisation services, research, investment banking and medical transcription. For the purpose of floating joint venture with the Australian company, the Karvy promoters have recently divested their holding in favour of Computershare for a consideration of around 10-million Australian dollars. Stating that "Karvy plans to deploy these proceeds for strengthening the operations of its other financial service arms," Mr Parthasarathy said the group was also considering proposals to rope in global financial services majors for floating similar joint ventures in the respective areas. The idea is to emerge as leaders in the domestic market and also extend services to affluent customers in the global markets and vice versa. However, he said, "We are not in a hurry. We will take time to decide over such joint ventures. For the time being, we will study the success in our strategy of divesting our holding in registry services in favour of the Australian major." Stating that Computershare has operations in over 16 countries across the globe, Mr Parthasarathy said, "We are looking at them to help us build a business, where in terms of technology, best practices and customer services, we match up with the best in the world. The joint venture with Computershare also provides opportunities for us to explore possibilities in using India as a hub for transitioning a few non-critical processes, development of new products for both domestic and international markets, and for consolidating business in India."
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