Macquarie receives NBFC status in India

The Indian central bank has approved an application from Macquarie Group to operate as a Non Banking Financial Company in India. Macquarie Finance India, a 100 percent subsidiary of the Macquarie Group, is expected to start operations by the end of the year.

Australian asset manager, Macquarie Group, has received approval from the Reserve Bank of India (RBI) to operate as a Non Banking Financial Company (NBFC).
 
The company, Macquarie Finance India (MFIPL), a wholly owned subsidiary of the Macquarie Group, is expected to provide financing products and services to the group’s clients in India, the company said in a statement.
 
“The NBFC registration provides opportunities for other businesses within the Macquarie Group to commence activities here in India,” said Christian Drysdale, managing director in the Macquarie Securities Group based in Mumbai.
 
As an RBI-registered NBFC, a company can take part in leasing, corporate and consumer financing and the provision of loans and advances, according to the RBI website. 
 
Macquarie is a Sydney-based global provider of banking, financial, advisory, investment and funds management services. The company’s business activities in India include corporate finance and advisory, infrastructure funds management, cash equities sales and research and private wealth management.
 
The company, through its India-based Macquarie-SBI Infrastructure Fund (MSIF), recently bought an 11 percent stake in Viom Telecom, an Indian mobile tower operator. This was the largest investment made by the fund.