Rattanindia Infrastructure, which received stock exchanges’ nod to rename itself as Rattanindia Enterprises, is likely to foray into new-age businesses including the fintech space, according to industry sources.
Change in name
The company is looking for an acquisition and the new firm is likely to be separately listed subsequently, said the source, requesting anonymity.
The National Stock Exchange (NSE) and the Bombay Stock Exchange(BSE) have approved the name change of Rattanindia Infrastructure Limited to Rattanindia Enterprises Limited with effect from April 7, 2021, according to a release.
New business avatar
The company said that the name has been changed to Rattanindia Enterprises to reflect the new business avatar. Rattanindia Enterprises would be the Group’s flagship company with all new growth businesses to be added under this firm.
Earlier, the Board of Directors of the company, in its meeting held on January 28, 2021, decided to pursue the business of manpower/human resource supply and consultancy, payroll management services and other related activities.
The Board felt post the outbreak of Covid-19, most employers would look for outside help to resolve and manage their human resource processes, as a support to the functioning of their Human Resource Departments.
This in turn, presents itself as an opportunity to generate revenues at low cost in rapid time, ensuring profitability.
The initial investment in the business is estimated to be ₹5 crore. Besides, the company would utilise its existing resources for the purpose. But plans for this sector may be on hold, according to sources.