SBI Capital Markets to set up office in London

Our Corporate Bureau
24 April 2004

The company''s board had approved the setting up of an office in London, and is contemplating expanding operations to Singapore, said Indrajit Gupta, managing director and CEO, SBI Capital Markets, addressing a press conference yesterday. Enquiries have been pouring in from Indian companies who want to make international acquisitions rather than import plant and machinery.

Not only big players but also mid-cap companies are looking, with the bulk of the interest coming from the pharmaceutical and automobile sectors, he said.

The investment banker is also scouting for a foreign partner to forge a strategic alliance, Mr Gupta said.

In India, the company plans to open offices in the North, North-East and South.

"We are trying to spread our reach both geographically and otherwise, in India and internationally. In India, State Governments are coming up with more and more projects and we want to be a part of that," said Mr Gupta.

The company has recorded a 122 per cent growth in net profit at Rs 63.23 crore for the financial year ended March 31, 2003, as against Rs 28.41 crore in the corresponding period, the previous year.