Societe Generale To Go Solo For PMS, Investment Advisory Biz; To Invest $50 Million
Thu, 09/06/2007 - 23:41 — Sahad P V
Exclusive: Societe Generale is getting into Indian investment advisory and portfolio management services business. The French bank is going solo instead of acquiring an existing Indian company. The bank has got approval from the Indian government to invest Rs 205.8 crore in India for developing the PMS and advisory services business in the country.
SocGen's France-based subsidiary Sogeparticipations has been permitted to set up a wholly owned subsidiary in India. It will invest Rs 205.8 crore ($50 million) in India to undertake the activities of portfolio management services and investment advisory services.
Earlier, it was rumoured that SocGen may acquire an Indian broking firm. It was also in talks with Securities Trading Corporation of India to buy stake in UTI Securities, which finally sold 49 per cent stake to Standard Chartered Bank for Rs 147 crore.
It's already present in the NBFC business. Last year, SocGen, along with the Burmans of Dabur, picked up 75 per cent stake in Apeejay Finance, a subsidiary of the Kolkata-based Apeejay Surrendra Group.
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