The Macquarie Group today said that the Reserve Bank of India (RBI) has approved its application for registration of Macquarie Finance (India) Pvt Ltd (MFIPL) as a non-banking finance company (NBFC).
MFIPL is a wholly-owned subsidiary of the Macquarie Group and will provide a range of financing products and services to its clients in India.
"Having an NBFC registration is an important milestone for Macquarie in India, as it allows the group to expand its range of products and services offered by the businesses currently operating here," Managing Director of Macquarie Securities Group, Christian Drysdale, said in a statement.
Macquarie has a significant presence in India. Its business activities include corporate finance and advisory, infrastructure funds management, cash equities sales and research and private wealth management.
"The NBFC registration provides opportunities for other businesses within the Macquarie Group to commence activities here in India," Drysdale said.
Activities that can be conducted by RBI-registered NBFCs include leasing, corporate and consumer financing and the provision of loans and advances, the statement said.
Macquarie Group (Macquarie)from Australia is a global provider of banking, financial, advisory, investment and funds management services.
Founded in 1969, Macquarie employs more than 14,600 people in about 70 office locations in 28 countries.
As of March 31, 2010, Macquarie had assets under management of AUD 326-billion.
