Indiabulls Plans Big

January 9, 2008	(1 votes, average: 1 out of 5)  Loading ...
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Supported by “Steel Tycoon”, Lakshmi Mittal, Indiabulls Financial Services Ltd., foresees a planned fund management unit, which will rank among India’s top five by 2010. The firm which is a prominent name in the brokerage sector seeks to repeat the same in Real Estate.

Chief Executive Officer Gagan Banga expects to receive a license to set up a mutual fund unit this week. He plans to create a $6 billion fund management company, vying with Templeton Asset Management India Pvt. and Fidelity Funds Management Pvt. in an industry that’s quadrupled in size over the past five years.

In an interview Banga said “If we can’t do it in two years, we’ll never do it'’. “We should be in the top five business groups in the next three years. We should run the largest retail brokerage, run the largest financial services operation, we want to be among the largest real estate companies, be among the largest retailing companies.'’

Banga said he’ll tap a million-strong client base at more than 600 offices across India to compete for the wealth of a nation where invested assets will quadruple to $1 trillion by 2012, according to consulting firm Celent. Started in 2000, Indiabulls owns India’s third-most valuable real estate company and more than 42 retail outlets in the $906 billion economy.

News Published Under:   Real Estate India |

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