 "RCap to set up emerging business in International Finance Service Centre")
The Anil-Ambani led Reliance Capital Ltd (RCL) on Wednesday said it plans to set up an international commodity exchange in Gujarat International Finance Tec-City, popularly known as GIFT city.
GIFT has allotted 0.5 million sq. ft. of spaces to RCL to set up a host of emerging business, including alternate investment funds, commodity exchange businesses and other international business, subject to requisite approvals from the regulators.
“We are starting the process for requisite approvals from regulators, and expect to launch the proposed businesses in this city shortly,” Sam Ghosh, chief executive officer of RCL, said. The company has developed a strong alternate investment business, and has already raised a corpus of Rs 2,000 crore under its alternate investment platforms and funds in the last two years.
“With all necessary permissions in place, we will be able to launch this exchange in one year from now, with global commodities like gold and silver,” said a senior RCL official.
Ramakant Jha, managing director and group chief executive officer of GIFT Company, expects the presence of RCL to bring investment of around Rs 200 crore and generate employment for around 2,500 persons in next three years.
GIFT has allotted 0.5 million sq. ft. of spaces to RCL to set up a host of emerging business, including alternate investment funds, commodity exchange businesses and other international business, subject to requisite approvals from the regulators.
“We are starting the process for requisite approvals from regulators, and expect to launch the proposed businesses in this city shortly,” Sam Ghosh, chief executive officer of RCL, said. The company has developed a strong alternate investment business, and has already raised a corpus of Rs 2,000 crore under its alternate investment platforms and funds in the last two years.
“With all necessary permissions in place, we will be able to launch this exchange in one year from now, with global commodities like gold and silver,” said a senior RCL official.
Ramakant Jha, managing director and group chief executive officer of GIFT Company, expects the presence of RCL to bring investment of around Rs 200 crore and generate employment for around 2,500 persons in next three years.