India Infoline plans investment banking

India Infoline is foraying into merchant and investment banking services, with the focus mainly on small and mid-cap companies.

The services would be conducted under a newly formed division of the company, India Infoline Investment Banking Services. The company is scouting for acquisitions in the country.

Confirming this, India Infoline Director R Venkataraman, said, "We have received a merchant banking licence from the regulator. The retail finance segment in the country is posting robust growth and we intend to cash in on this."

The company intends to start operations in London, Singapore and Dubai, targeting the non-resident Indians in the places.

The company's head of investment banking Ajit P Menon would be heading the India operations, while it has recruited UK-based Graham Sharp for its London operations. Singapore and Dubai are in the pipeline.

On the merchant banking space, the company intends to advise its clients on mergers and acquisitions, raising capital and seeking loans.

The company is also in talks with a couple of companies, even though its clientele is yet to be finalised.

On domestic expansion, Venkataraman said the company intends to double both the number of its offices and personnel. The aim is to garner a pan-India footprint.

At present, India Infoline has 155 offices and employs around 3,500 personnel across the country. The expansion project will be implemented over the next 18 months.

The company is also open to acquisitions, mainly in banking, mutual fund and insurance domains. This will help it kick-start its operations in terms of clientele and amount of business.

The company has signed a strategic tie-up with Saraswat Bank to offer equity research, broking and portfolio management services to the bank's clients.