India's Reliance Money starts operations in Europe

MUMBAI, Aug 29 (Reuters) - The broking unit of India's Reliance Capital (RLCP.BO: Quote, Profile, Research, Stock Buzz) said on Friday it had launched operations in the UK and Ireland to tap the Indians living in Europe.

"This is our first move to reach out to the large base of over 2 million Indians based in Europe," Sudip Bandyopadhyay, chief executive of Reliance Money, said in a statement.

Reliance Money, which aims to get half its revenue from overseas by 2012, started operations in Hong Kong in May partnering a local firm and launched a joint venture in Saudi Arabia in July.

The company is part of the group controlled by Indian billionaire Anil Ambani. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)


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