Saturday, August 9, 2008

R-Money to "export" currencies Rs 10,000 Crore

Anil Ambani group's Reliance Money is eyeing to "export" currencies worth about Rs 10,000 crore in the current fiscal a four-fold jump from previous year's figure as part of its money changing and transfer business. Reliance Money, the brokerage and financial products distribution unit of ADAG's financial services arm Reliance Capital, is looking for a significant growth in its money changing and transfer business, the company CEO Sudip Bandyopadhyay said in Kolkata. He said the company exported currencies worth Rs 2,500 crore in the last fiscal and is targetting Rs 10,000 crore in current financial year. The size of the Indian export currency market was around Rs 40,000-50,000 crore to and was growing further due to increased tourist inflows and trade activity, he said. When Indian rupee became fully convertible, then currency movements would increase and the market would grow exponentially, he added. On money transfer, he said, Reliance Money was the largest partner of Western Union. The target was to transact Rs 2 lakh per month by the end of the year, he said. Meanwhile, Reliance Money had floated a company in the Gulf, Riyada Reliance Money, with a view to sell global products to foreign clients. He said the company would seek membership of Saudi Arabia's Takaful stock exchange to conduct business there.Bandyopadhyay added that the Riyadh-based firm would make an issue to raise Rs 240 crore by way of off-loading 74 per cent stake to institutional investors on private placement basis. To further expand its international presence, the company is also eyeing to acquire an entity in the Middle East, the Reliance Money CEO said

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