IndusInd International Holdings Limited (IIHL), a holding company controlled
by prominent non-resident Indians (NRIs) and headed by billionaire businessman
Srichand P. Hinduja wants to acquire banking assets in key foreign markets,
including Gulf countries. IIHL subsidiary IndusInd Bank, which operates
148 branches in India, is also keen to expand its financial services
in markets with significant NRI and Indian-origin populations, Hinduja
said. "We have plans to acquire banks wherever licences for new
banks are not given," he said. Hinduja said IIHL will make its
presence felt in places such as the UAE, Britain, the US, Hong Kong
and Malaysia through "joint ventures, strategic alliances or total
Dubai acquisitions" of banking assets.
The company is also in the process of creating a fund for private equity
activities. "The fund will be in accordance with the Islamic norms.
There are many opportunities in small and medium-sized companies in
this part of the world and in India," Hinduja said. Asked why he
chose to establish a Sharia-compliant fund, he said it would broaden
investor base and allow the company to raise money in the Gulf region.
Hinduja, who is also chairman of Hinduja Group and lives in London,
was in Dubai to attend a conference of IIHL, a platform created in 1993
to mobilise NRI finance and jointly benefit from investment opportunities.
Hinduja Group's Switzerland-based Amas Bank will start operations at
the Dubai International Financial Centre (DIFC) next month. The investment
bank will employ 18 people in the beginning to provide services such
as wealth management, trade finance advisory and corporate advisory