Through its office in the Dubai International Financial Centre, Dubai Reliance Capital wants to expand its business in the region up to $1 billion in the next three years
Dubai Reliance Capital, the financial services arm of Anil Dhirubhai Ambani Group, plans to expand its operations in the Middle East, chief executive Sam Ghosh said.
Through its office in the Dubai International Financial Centre (DIFC), the company wants to expand its business in the region up to $1 billion (3.67 billion dirhams) in the next three years and up to $2 billion in the next five years, with a special focus on wealth management and sharia-compliant businesses, Ghosh added.
The company said its sharia business in Dubai is growing several-fold and it expects to see significant growth in its asset management business based out of Dubai in the next few years.
"We see Dubai play an important role in our international growth strategy. Dubai's geographical location and its highly dynamic business environment are ideal for our international presence. Our decision to open office in DIFC is helping us accelerate and tap the vast business potential present in the region," Mr Ghosh told Gulf News.
As part of its expansion, the company will increase its headcount considerably in the next couple of years. "The India story is well known to Indians living in the UAE and the region. Through our Dubai office, we want to reach out to more nationalities keen to participate in the India growth story," Reliance Capital Asset Management's business head for Europe, Middle East and Africa, RM Sriram, told the newspaper.
Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking, depository services, distribution of financial products, investment banking, wealth management services, commercial finance, exchanges and other activities in financial services.
In Dubai and the Gulf region, Reliance Capital will primarily emphasise India-focused asset management business.
Reliance Asset Management (UK) Plc's Dubai branch began advisory operations from DIFC last year after receiving a licence from the Dubai Financial Services Authority. The Dubai branch provides full range of wealth and investment advisory services to institutional clients and high net-worth individuals.
Ghosh said leading sovereign wealth funds from the region have investment exposure to India and the company expects growing interest from family offices and regional high net-worth clients going forward.
"Although international institutions offer exposure to India through offshore funds, everyone knows the fact that the local knowledge of the market is key asset in fund management business. This is what we want to leverage in the region," Mr Ghosh said.
On Tuesday, Reliance Capital ended 1.76% up at Rs484.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.19% to 18,439.65.
Fortis Healthcare plans to set up a cardiac centre at Dehradun under public private partnership with the Uttarakhand government at an investment of Rs10 crore
Fortis Healthcare Ltd said it plans to set up a cardiac centre at Dehradun under public private partnership with the Uttarakhand government at an investment of Rs10 crore.
The facility at Deen Dayal Upadhyaya (Coronation) Hospital would be the first comprehensive cardiac care facility in Dehradun, and will be operational by November 2011, Fortis Healthcare said in a filing to the Bombay Stock Exchange.
"We are pleased to join hands with the government of Uttarakhand and look forward to serving the people of the state in our distinctive patient centric manner," Fortis Healthcare regional director Ashish Bhatia said.
Under the terms of agreement, Fortis will invest in infrastructure and technology as the hospital building is already provided. The initial phase of contract will be for a period of 10 years, the company added.
Commenting on the occasion government of Uttarakhand DG Health Services Asha Mathur said: "We are confident that the people of Dehradun will benefit immensely and will improve the healthcare ecosystem in the city."
The proposed facility will have Cardiac Care Unit, cath lab, cardiac OT, non invasive diagnostic lab and intensive care unit for the cardiac surgery, Fortis said.
"The addition of this facility takes the Fortis network to a total of 55 hospitals with over 8,000 beds across the country," it added.
On Tuesday, Fortis Healthcare ended 0.46% up at Rs152.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.19% to 18,439.65.
Tata Steel plans to install a new line to double the slitting capacity of its service centre at Gelsenkirchen in Germany
Tata Steel Ltd plans to install a new line to double the slitting capacity of its service centre at Gelsenkirchen, in Germany.
Service Centre Gelsenkirchen GmbH currently operates one slitter and one cut-to-length line and the output is largely destined for the automotive industry. The second slitting line, together with the associated expansion of the Gelsenkirchen site, will cost 8.6 million euros.
The new line will have a capacity of 140,000 tonnes per annum, almost double the site's existing slitting capacity. The new slitter will be able to process coil in thicknesses of 0.4-4mm and width up to 1,650mm. It is due to come onstream by early 2012.
Service Centre Gelsenkirchen general manager Jochen Hoefges, said: "Our strategy toward the automotive sector is to increase the volume and technical innovation of the products we offer. The Gelsenkirchen investment is an example of this ambition and will further strengthen Tata Steel's downstream capability to serve this specific sector."
"The new slitting line will raise the service centre's capacity as well as its product portfolio, establishing an Automotive Centre of Excellence. The line is designed to process advanced and ultra high strength steel (AHSS and UHSS) grades, matching the growing demand for more advanced automotive products," he added.
Service Center Gelsenkirchen GmbH was established in 2000 and is part of Tata Steel's European distribution network.
About 90% of its throughput serves the automotive industry. The facility's capacity is 225,000 tonnes per annum at present, including 155,000 tonnes per annum of slitting capacity and 70,000 tonnes per annum of cut-to-length capacity.
On Tuesday, Tata Steel ended 1.94% up at Rs614.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.19% to 18,439.65.