Tuesday, May 1, 2007

Rel Money eyes rural expansion

MUMBAI: Reliance Money, the financial services firm from Anil Dhirubhai Ambani Group stable, has chalked out a detailed plan for a strong presence in the rural market that will compliment its plans for the urban markets.

Reliance Money aims to have its shops set up in over 5,000 subdivisions (also called tehesils) across India by the end of the current fiscal. And to help the company in selecting its franchisee partners in places not frequented by finance firms, it has tied up with Rural Relations, a firm that helps FMCG firms mass market their products in rural areas.

“Increasing distribution reach is crucial. Our tie-up with Rural Relations is one such relationship aimed at expanding our rural reach, said Sudip Bandyopadhyay, director "> “Following some pre-defined criteria, people from this rural marketing company will identify prospective Reliance Money partners from each sub-division and send their details for further screening. Once the right candidate is selected, Reliance Money’s franchisee shop will be set up at that tehesil with help from Rural Relations,” he said.