IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Reliance Money, promoted by Anil Dhirubhai Ambani Group firm Reliance Capital, would offer the brokerage services across 700 cities, including Delhi and Mumbai, through 3,000 outlets.
The company is also mulling to enter the currency futures space through the exchange. Recently, the Securities and Exchange Board of India had issued guidelines for SME exchange, and had set a minimum net worth criteria of Rs 100 crore (Rs 1 billion) for entity willing to start it.
"Any Reliance Money customer who has an Internet access through a GPRS or CDMA-enabled mobile phone can log in to the Reliance Money website using his or her existing user ID, security token number and trade in equities and commodities," said Reliance Money Director and CEO, Sudip Bandhopadhyay. With this initiative, the company will now be tapping approximately 347-million telecom users based in India.
Reliance Money, India's comprehensive financial services and solutions provider, has tied up with Chicago-based Alaron Trading Corporation, a global, full-service commodity futures brokerage firm.
Reliance Money has emerged as the top brokerage house in terms of online security and cost effectiveness, while Motilal Oswal leads as the most research driven stock trading platform, a survey says.
According to Reliance Money officials, the company offers 5 gm and 8 gm coins now but plans are in the offing to launch 0.5 gm, 1 gm and 2 gm coins, said
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) are set to have some serious competition. Reliance Money, controlled by the Anil Dhirubhai Ambani Group, and Financial Technologies India Ltd (FTIL), which operates one of the world's largest exchange networks, are exploring the option of setting up their own equity exchanges.
Anil Ambani Group's Reliance Money today signed an agreement with Tata group's IT arm CMC Ltd for setting up financial retail kiosks, besides training students of the software solutions provider in finance.
Reliance Money, investment product distribution arm of Anil Dhirubhai Ambani Group, is foraying into retailing of its own brand of gold coins, which would be made exclusively by Swiss precious metal refining major Valcambi.
Anil Ambani Group firm Reliance Money on Monday said it is undertaking a performance monitoring exercise for its staff which could result in separation of about 300 employees due to their under-performance.
Buoyed by tremendous consumer response and with banking on its huge roll-out plan, Anil Dhirubhai Ambani Group's brokerage and distribution arm Reliance Money expects to break-even by the end of the current fiscal.
Anil Ambani Group firm Reliance Money on Friday announced its foray into Europe by setting up operations in Ireland and the UK and is looking to tap over two million non-resident Indian population in the region.
Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, launched on Monday services in rural markets with an initial target of tapping 1,000 talukas across five states in the country.
Broking house Reliance Money on Thursday said it plans to expand its operations in the country by taking the number of outlets up to 10,000 by the end of this fiscal. The financial services and products distribution arm of Anil Dhirubhai Ambani Group currently has around 4,000 outlets, company's Director and CEO Sudip Bandyopadhyay told reporters.
The company, which is bullish on its growth prospects, plans to double the gold coin sales from the current 1,000 kg by the end of the current financial year.
The portal - Mobile Financial Portal -- would offer corporate news, announcements, research reports and stock quotes to its customers across all mobile platforms, a company statement said.
Seeking to bring share trading closer to consumers just like ATMs, Reliance Capital's stock brokerage arm Reliance Money launched on Monday Internet trading services through web-enabled retail kiosks.
On the back of strong fundamentals, ample liquidity and calibrated launch of IPOs of PSUs, Reliance Money is bullish that the Sensex would bounce back to the 20,000 mark by end-this fiscal.
The value-added feature would provide additional revenue stream for the company and it expects about 10-20 per cent of its two million customers to use this facility. The technical services are available for a free introductory 7-day trail period to the existing users. Thereafter, this service is available to users at a nominal subscription of Rs 99 for 3 months and for one year subscription, the fee would be Rs 299.
India's largest companies are making inroads into one of the country's most ancient businesses - the purchase of gold by the nation's hundreds of millions of women for weddings, festivals and savings.
Reliance HR Services (RHRS), a human resources company formed by the Reliance Anil Dhirubhai Ambani Group (ADAG), will recruit half a million people for the group in the next four years.
Forex and money transfer firm Wall Street Finance, which has an Anil Ambani group firm as its top shareholder, today said it is looking for acquisitions in the US, the UK and European Union to expand its overseas presence.
Anil Ambani group firm Reliance Money on Monday joined hands with the Bombay Stock Exchange and the Bombay Bullion Association to launch the country's first organised bullion trading platform.The over-the-counter 'Bullion Spot Market' would be the first of its kind and would be operationalised within a month, the Anil Dhirubhai Ambani Group announced.
Corporates are foraying into portfolio management services, with biggies like Reliance Money, Bharti Axa, Tata Capital and others taking the plunge.
Reliance Money has launched its UAE arm and plans to tap 1 lakh customers there.
Before buying a life insurance policy, weigh the pros and cons of who you are buying froman agent, broker or bancassurance.
Anil Ambani group's Reliance Money on Tuesday sparked a price war in the highly competitive brokerage space by offering a free trading account to its demat account holders, with an aim to tap up to 30 crore (300 million) potential clients. Reliance Money also announced a partnership with Corporation Bank to offer broking services to 9.5 million account holders of the public sector lender.
While Mukesh is likely to make a foray into the specialty stores, is choosing the same date to launch the much-awaited Reliance Money.
They prefer foreign markets owing to comparatively lower margins than Indian exchanges.
Besides a great idea, it takes pluck, and some luck, to get going.
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