[sbinews] SBI Caps To Foray Overseas To Catalyse FDI (Financial Express)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Thu, 22 Apr 2004 21:47:53 -0700 (PDT)
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SBI Caps To Foray Overseas To Catalyse FDI
(Financial Express)
OUR BANKING BUREAU
MUMBAI, APRIL 22: After doubling its profit to Rs
63.23 crore in 2003-04, SBI Caps, the investment
banking wing of the State Bank of India (SBI) is to
venture overseas for facilitating foreign direct
investment (FDI) into the country and also to tap
acquisition opportunities for domestic companies.
SBI Caps managing director and chief executive officer
Indrajit Gupta, said that the institution is setting
up offices in London and Singapore initially for
greater business opportunities.
?We have received enquiries from both inside and
outside for acquisitions and I hope some of them will
ultimately materialise as mandates?, he said adding
that recently the company was working on a overseas
proposal to acquire a Hyderabad-based company, but it
failed to materialise.
According to Mr Gupta while overseas companies are
interested in investing in domestic IT, pharmaceutical
and infrastructure sectors, these companies in turn
are looking for investing in overseas pharma and
automotive sector.
SBI Caps is also scouting for a multinational partner
to strike a strategic or an equity partnership in next
three to our months to help the institution operate
internationally.
However, Mr Gupta ruled out any plan of SBI Caps
accessing the capital market. ?Our investors are happy
about the dividend we have declared for the year and
do not want to disinvest from the company?, he
indicated. As the economy is heading for the higher
growth, SBI Caps will focus on retail sales an
distribution, securitisation, advisory services and
merger and acquisition and open more domestic offices
to expand its balance sheet in the current fiscal.
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