R-Cap plans investment banking foray by March

Anil Ambani group firm Reliance Capital on Thursday said it planned to enter investment banking space by the end of the current financial year.

“This is a missing link in the our business. We are aiming to set up the investment banking venture by the end of March 2010,” Reliance Capital Chief Executive Officer Sam Ghosh said.

Reliance Capital has already secured a merchant banking licence from the Securities and Exchange Board of India (Sebi), he said, adding, the company would soon start the process of hiring top management for the business.

When asked about the activity that the proposed venture would undertake, Ghosh said, “We can look at various things like advisory in merger and acquisitions, equity and debt, but we have not firmed up any plans on that yet.”

Addressing shareholders, ADA Group Chairman Anil Ambani had said, “Given the scale and magnitude of our relationships across corporate India and the sheer size and reach of our distribution network, we are ideally positioned to create a significant presence in this business.”