Reliance Money plans 10,000 outlets by 2007-end

New Delhi, Aug 30: Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, today said it will roll out 10,000 outlets in over 5,165 talukas across India by the end of this fiscal from the present 2,045 cities.

''The company expects to make a profit by the end of the current financial year,'' Reliance Money Chief Executive Officer Sudip Bandyopadhyay told reporters.

The broking and distribution arm of Reliance Capital also announced its tie-up with Stic Travel group for retailing its financial products and services through its national network of 43 offices.

Under the tie-up, Stic will partner Reliance Money by enabling retail kiosks and financial services counter at their outlets across the country.

''The initiative will further enhance our customer servicing capabilities in the financial service space and add value to our travel business. Provision of money changing, money transfer and travel insurance services would complement our service offerings to customers,'' Stic Chairman Subhash Goyal said.

Regarding gold coin retailing through these these outlets, Mr Bandyopadhyay said, ''India consumed 800 tonnes of gold last year out of which 10 per cent was gold coins. Out of this 80 tonnes, four tonnes is organised market and there is a huge possibility in this front.'' Reliance Money is looking to open over 20,000 outlets and 10,000 kiosks across the country by the end of this year. Out of the total outlets, 10,000 would be for rural markets while the remaining half would be in urban areas.

The company provides a single window enabling customers to access equity and commodity, derivatives, mutual funds, IPOs, life and general insurance products, offshore investments, money trasnfer, money changing, gold coins and credit cards.

UNI