Betting big on financial services as a future growth driver, the B K Modi-spearheaded Spice Group plans to enter mutual funds, stock broking and distribution and micro-finance businesses by March 2010.
“We plan to enter the broking and distribution and mutual funds businesses through acquisitions, while adopting the greenfield route for micro-finance,” Spice Group President, Global Financial Services, Sudip Bandyopadhyay, said.
The company is examining six proposals for acquisition in the broking and distribution space and is confident of sealing a deal before March 31, 2010, Bandyopadhyay said.
“We are looking at a ready platform — a company with the necessary licences in place so that we don’t have to waste time in getting a foothold in the market,” he said.
Spice Finance has already set up three subsidiaries — Spice Insurance Services for insurance broking, Spice Commodities for commodities broking and Spice Securities for securities broking.