Financial Daily from THE HINDU group of publications
Friday, Jan 27, 2006
Financial Daily from THE HINDU group of publications Friday, Jan 27, 2006 |
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Money & Banking
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Investment Banking Markets - Financial Services India Infoline plans foray into investment banking V. Rishi Kumar
Hyderabad , Jan. 26 INDIA Infoline Ltd, a domestic financial services provider, is set to foray into investment banking. The company will set up offices in three major cities in the country and five overseas centres within six months. Speaking to Business Line, the Head of Investment Banking, India Infoline, Mr Ajit P. Menon, and the Head of International Operations, Mr Graham Sharpe, said that these overseas centres would particularly target the non-resident Indian community, offering portfolio management services, investment banking and cross-border facilitation. Mr Menon said that the Indian arm of the UK-based Merchmont Capital Advisors was merged with India Infoline in December 2005, and this has added a new dimension to the portfolio of services. "There's potential for cross-border interface, where increasingly companies are looking to invest in India. We plan to target such companies, providing a host of services. The thrust area would be to serve the small and medium sized companies, which often face the high service rates of global financial giants — a problem area," Mr Menon explained. Mr Sharpe, who would be based in London, said, "Soon, the company would locate centres in Dubai and Singapore, followed by another in the US. We believe that many companies are looking towards inward investments into India and need investment banking support services. "There are clear signs that many of the US and European companies, which were hitherto concentrated on the China market, have begun to believe in the India story and are looking at both acquisitions and investment opportunities." "Likewise, SMEs based in India are looking to overseas expansions either through acquisitions or direct presence or even to raise funds from the overseas investors. This provides an opportunity to expand and tap into the market there," Mr Sharpe said. As part of the growth plan, India Infoline is also planning to create a separate team for initial public offerings. Traditionally, its services were centred on the private placement of equity, mergers and acquisitions. The IPO desk would also enable portfolio companies to enter the capital market, Mr Menon said.
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