Reliance Money, the broking and financial services arm of Reliance ADAG, has announced that it has formed a distribution tie-up with the Chellarams of Nigeria in order to address the requirements of non-resident Indians (NRIs) in Africa. The Indian company targets to create about 50 per cent revenues from overseas operations by 2012 and therefore aims to spread out its business in around 15 nations within a year’s time.
The Reliance Money is thinking about acquiring the Lagos Stock Exchange’s membership. After Dubai, Oman, Hong Kong and Saudi Arabia, this fresh collaboration with the Nigerian company happens to be the fifth overseas one by Reliance Money. Officials inform that Singapore and London are probably going to be the next in the list of Reliance Money for its overseas operations project. With a turnover of about $100 million, Chellaram has distribution centres in 10 cities across Nigeria.
