The Hindu Business Line : NMCE to shift corporate operations to Mumbai

Ahmedabad, July 28 After offloading 26 per cent of its stake to Reliance Money, NMCE has inducted the latter’s Chief Executive Officer, Mr Sudip Bandopadhyay on its board, according to Ms Poonam Verma, Vice-President, Business Development, NMCE.

Due to the development, NMCE has decided to shift its corporate operations to Mumbai, and is hunting for a suitable location, Ms Verma said. Currently, NMCE operates from a camp office at BSE and will move out within the next 30-40 days, she added. Though Human Resources, PR and business development operations will be shifted to Mumbai, Ahmedabad will continue to be the head office, she added.

“Mumbai is the financial capital of the country and we will be able to grow suitably from there. Reliance is a very reputed conglomerate and we mean to utilise their vast retail network to expand our own retail base. Once associated with Reliance, the much needed liquidity in the market will be available and we will be able to add investors in the commodity area,” she said.

The Mumbai corporate office will have a team of around 50 employees, some new recruits as well, to be headed by Mr Anil Mishra, Chief Executive Officer, NMCE, who is currently handling operations from Ahmedabad. The investment figures for setting up of the new office have not been arrived at and is in the planning phase, she said, adding that going by the real estate prices of Mumbai, it could either be leased or owned.

Talking about the deal with BSE, she said that it is still in the pipeline and certain legal aspects are being sorted out. “NMCE does not want to comment whether it is on or not, as it is still in the process. But in a month’s time, things should be definitely clear,” she said.

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