SMC Group, India's fourth largest securities brokerage house, on Monday announced that it had entered into joint venture agreement with Sanlam Investments, a unit of South African financial services firm Sanlam.
The total financial outlay by Sanlam Investments on this joint venture with SMC is expected to be in the region of USD 50 million upwards. S.C. Aggarwal, Chairman and managing director, SMC said, "Following this JV, the Indian financial services space will see further rise and transformation of SMC into a well diversified company with enormous global reach and intellectual know-how in line with international best practice." The deal was made possible through an acquisition into the SMC group of companies, including warrants; which will ultimately create a 5% equity stake for Sanlam Investments in SMC and its two flagship companies - SMC Global Securities Limited and SAM global Securities Limited. "(It's) a transaction that is in line with our international expansion strategy of furthering our business scope into promising markets outside of South Africa," Sanlam Investments Chief Executive Officer Johan van der Merwe said. "Our projections show that if we capture only between 2 and 5 per cent of the expected $1 trillion market by 2015, our business in India could contribute a significant portion to group profits." With this Rs 215 crore deal, which includes stake sell and JV, Sanjeev Gupta, CEO of Sanlam Emerging Markets, said that the focus for the venture would be to grow both the asset and wealth management businesses with strong equity and fixed interest offerings http://www.financialexpress.com/news/SMC-enters-into-Rs-215-cr-JV-with-Sanlam/361592/ Experience is the teacher of all things. - Julius Caesar --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
