Reliance Money sets up joint venture in Saudi Arabia

04 July 2008

Mumbai: Reliance Money, the brokering arm of the Anil Dhirubhai Ambani Group (ADAG), has teamed up with Bahrain-based advisory firm Riyada Consulting to launch Riyada Reliance Money, in Saudi Arabia.

The launch of the venture was announced jointly by Her Highness Shaikha Dheya Bint Ebrahim Al Khalifa, president of Riyada Consulting, and Sudip Bandyopadhyay, director and CEO of Reliance Money.

Reliance Money will have a 26-per cent stake in the joint venture.

Riyada Reliance Money plans to raise $53.34 million in the first phase through a stake sale to Gulf institutional investors, Reliance Money said in a statement.

The stake sale, however, will not impact management control of the joint venture, said Bandyopadhyay.

The joint venture proposes to launch brokering, corporate finance, investment banking and asset management services and will soon seek regulatory approvals for the same, he said.