New Delhi, Aug 29: Anil Ambani's Reliance Money foreys into European market. In a move to tap overseas market, Anil Ambani-led Reliance Money on Friday, Aug 29 announced its foray into the European market with setting up operations in Ireland and the UK.
Reliance Money has set up a new company in Ireland - Reliance Money (Ireland), offering financial products and services to retail investors in Europe. The newly incorporated company will, in turn, enter into partnership with appropriate players in other European countries after getting the necessary approval from regulatory authorities in the respective countries.
The company, which has a presence across Asia, Europe and Africa, will offer its Portfolio Management Services in Europe at a threshold level of as low as 50,000 dollars.
With plans to expand its operations in over 15 countries by next year, the company aims to generate 50 per cent of its revenues from overseas markets by 2012 and capture a bigger share of the record 195 billion dollars invested in India last year by overseas funds.
''This is our first move to reach out to the large base of over two million NRIs and PIOs based in Europe with our unique, cost-effective and efficient bouquet of products and services. Our presence in Ireland and UK will complement our efforts to have a larger role in this region,'' said Reliance Money Director&CEO Sudip Bandyopadhyay in a statement.
Reliance Money provides customers with access to equities, equity and commodities futures, mutual funds, life and general insurance products and off-shore investment.