Spice Group eyeing acquisitions in MF, broking space

MUMBAI: Betting big on financial services as a future growth driver, the BK Modi-spearheaded Spice Group plans to enter mutual funds, stock-broking and distribution and micro-finance businesses by end-March 2010.

"We plan to enter the broking and distribution and mutual funds businesses through acquisitions while adopting the greenfield route for micro-finance," Spice Group's president, Global Financial Services, Sudip Bandyopadhyay said in Mumbai.

The company is examining six proposals for acquisition in the broking and distribution space and is confident of sealing a deal before March 31, 2010, Bandyopadhyay said.

"We are looking at a ready platform -- a company with the necessary licences in place so that we don't have to waste time in getting a foothold in the market," he said.

Spice Finance has already set up three subsidiaries -- Spice Insurance Services for insurance broking, Spice Commodities for commodities broking and Spice Securities for securities broking.

The activities here would be conducted under the brand name -- Spice Bulls, Bandyopadhyay said.