India Infoline to foray overseas
Mumbai: Financial services company, India Infoline, is setting up operations overseas and will soon open an office in the oil-rich nation of Kuwait.

R. Venkataraman, co-promoter and director, India Infoline speaking on the occasion said the company is expanding its presence in West Asia for all its services right from equities and commodities broking, PMS, Insurance and mutual funds.

"Given its large NRI base and vibrant investment community, Kuwait is an ideal destination. It is a significant regional trading economy and our presence here will materially strengthen India Infoline's coverage of the Middle East region," he said.
Back to News Review index page  

Amaranth's holding in Indiabulls arm under question
Mumbai: Amaranth's holding in Indiabulls Finance Company (IFC), an unlisted subsidiary of Indiabulls Financial Services has become a matter a concern.

A sister concern of the troubled hedge fund Amaranth had invested $30m to acquire 42.5 per cent in the Indiabulls subsidiary.

Gagan Banga, director, Indiabulls Securities said the Amaranth meltdown will not have any significant impact.

Amaranth has no direct stake in IFC as the investment is made through the private equity firm, Amaprop, which is a sister concern of the hedge fund. It is a pure financial investment and not a strategic one. The investment is locked and can be exited only when shares of the company are listed through a public issue said Banga.

While Amaranth may sell the investment to another foreign portfolio fund, there has been no intimation so far. The meltdown in assets of US-based hedge fund Amaranth Advisors LLC that triggered a 100-point fall in the Sensex on Monday, may not lead to any significant impact on the Indian equities.

Fidelity and Merrill Lynch have hiked their stakes in Indiabulls Financial Services to 10.4 per cent and 8.9 per cent respectively. Goldman Sachs and Citigroup have also been acquiring shares of the company.
Back to News Review index page