Ceat Fin To Oversee Dubai-Based Firm'S Operations

The RPG group financial services company also has the option to pick up 50 per cent stake in the equity of the UAE firm, a licensed finance company and part of one of the largest business houses in Oman, the Mustafa & Jawad group.

Ceat Financial will have to pay 2.5 million dirham if they decide to buy a 50 per cent stake in the overseas firm, said Sanjiv Goenka, chairman, Ceat Financial Services at the company's 12th annual General meeting held in Calcutta yesterday.

No firm decision on equity participation in the overseas firm, however, has been taken as yet, said S A Krishnan, president of Ceat Financial.

 

The Dubai-based organisation, the chairman added, is poised to play a major role in the fledgling capital market in UAE on the threshold of a major expansion with the government of UAE committed to creating a stock exchange in Dubai.

In a bid to consolidate its financial services operations, the company is in talks with two US-based financial services organisations for a possible tie-up.