ADAG`s Reliance Money`s venture into Nigeria

To earn half of the revenues from overseas and have an expansion in global footprint, Anil Ambani`s Group Reliance Money has recently announced its foray into Nigeria through a partnership with Chellarams Plc., a Lagos-based industrial house. Nigeria is the first country where R-Money will start operating in this year to tap the overseas market. R-Money, being the first Indian broking and distribution Company to provide financial services in Nigeria and Africa, is also in talks to join the Lagos Stock Exchange as its member very soon. While underscoring the tie-up, said the CEO of R-Money Mr. Sudip Bandyopadhaya, "This is only a step to reach out to the large base of NRI and PIOs in Nigeria. However, our dedication will surely support our endeavours to have a larger role there." He also cited that the Company`s angle of elevation is to produce 50% of its revenues from the overseas markets by 2012 and confine a bigger share of the record $195 billion invested in India last year by overseas funds. Being already forayed into the UAE, Saudi Arabia and Hong Kong, R-Money is spiraling gaze to inflate its operations in more than 15 countries across North Africa, Europe, the West Asia and South East Asia by 2009.