India Infoline eyes Gujarat

With prime focus on commodity and equity market.

India Infoline Ltd is all set to consolidate its Gujarat market operations by tapping commodity trading potential of the state.

India Infoline is planning to set up network of branches in the state, which will be focussed on commodity as well as equity market operations of the company.

The company will have close to 50 branches, including 25 branches in Ahmedabad itself, across the state in next six months in addition to its existing network of 20 branches in Gujarat.

The company is planning to offer services like commodity, security and insurance at all its branches.

"For commodities, we are going offer portfolio management service (PMS) which has yet not been offered in the state," said Nirmal Jain, CMD, India Infoline Ltd adding that company has the license for PMS.

Through commodity PMS, company is sure to get cream investors.

"In PMS, the minimum investment is rupees five lakh and there are several such traders who are keen to invest in commodities in Gujarat," explained Jain.

The company is investing around Rs 10 crore in Gujarat for the expansion project.

However, Jain also said that number of investors is not their prime target.

"Members in our commodity PMS will comprise top investors of the state," he said.

"There is a huge volume of traders in Gujarat and very few are professional brokers therefore we are organising seminars and presentations to educate traders about sensex and how it exactly works," said Jain.

"In areas like Surendranagar and Unjha, the branches will more focus on commodities and these areas very few farmers or traders are accessing internet or any other services for global trading," said Jain.

He further added that in Gujarat in several towns and villages people are also trading in gold, silver, castor, cuminseeds, raw cotton and other commodities.

Talking about the expansion in Gujarat, Jain said that state has low cost manpower and real estate.

For awareness, company has tied up with local exchanges of commodities in Gujarat.

"In local commodity exchanges we will organise commodities specific seminar for awareness," said Jain.