Indiabulls sees potential in Punjab

Until recently considered a depressed equity market, Punjab is now seen as one of the most promising regions for investment in financial products and services.

Gagan Banga, director, Indiabulls, who was in Chandigarh recently, said equity culture was gaining strength in this region.

He told Business Standard Indiabulls had set up office in Jallandhar, Amritsar, Ludhiana, and Patiala. It has a presence in Haryana towns like Panipat, Karnal, Ambala, Panchkula, and Yamunanagar.

The initial public offer of Indiabulls comes to a close today.

Banga said the growth of equity culture was chiefly due to the Internet. "Haryana and Punjab together account for 12 per cent of our business," he added.

He said anticipating the investment potential of this region, the firm had appointed relationship managers even in small towns.

The company would focus on the small retail investor, he added.

"People in western India are more equity-savvy than those in the north, but here there is a lot of investible surplus," Banga said.

Indiabulls Financial Services Ltd was founded in the year 2000 by three graduates of the Indian Institute of Technology, Delhi, and has attracted investments of Rs 7,000 crore from LNM India Internet Ventures Ltd, Transatlantic Corporation Ltd, Farallon Capital Partners LP, Infinity Technologies Trustee Private Limited, etc.