Ambit may seek strategic alliance; float NBFC
Ambit Corporate Finance may look at setting up a non-banking finance company to provide financing support to its clients, reports Suman Layak.india Updated: Nov 19, 2007 23:06 IST
Ambit Corporate Finance may look at setting up a non-banking finance company to provide financing support to its clients. Chief executive officer Ashok Wadhwa told Hindustan Times in an interview that the company might lose some business due to its inability to provide finance support and may form an NBFC if needed.
The company has been in talks with a global bank for a tie-up for providing funds. It is a high-priority for the company. But Wadhwa said that he is prepared to go all the way and set up his own NBFC. Ambit is the biggest Indian investment banker in terms of number of deals and is second to Kotak in terms of total value of deals so far in 2007.
“By not providing capital support we may be losing some business. Should that be the case we will have to go out and raise capital and even set up an NBFC,” Wadhwa said.
On the issue of raising capital Wadhwa said that he is ready to invest more of his personal funds into the business. However, he is open to raising public finance as well as inducting a strategic partner in the business.
“Our primary concern is to build Ambit as an independent full service investment bank and that will determine who we may induct as a strategic partner. We do not want the company to lose its independence. We are open to all ideas but the key is independence of the organisation,” Wadhwa said.
Apart from India the company has also opened an office in Singapore. Wadhwa however is focussed on India and India related mergers and acquisitions. He said: “Our Singapore office will also be working for the same purpose and sell Indian paper and transactions to clients in Singapore.”
First Published: Nov 19, 2007 23:04 IST