BOMBAY Banc of America Securities LLC has won approval from the Indian government to set up a subsidiary there.
The Bank of America Corp. subsidiary will invest $5 million in the unit, to be named Banc of America Securities India Pvt. Ltd., according to the government.
We will start operations in a couple of months and will ultimately be a big player in origination and distribution of all debt, said Ajay Mahajan, managing director and country treasurer for Bank of America.
The primary dealer, which plans to sell government debt, is among 47 foreign direct investment proposals approved. They are expected to bring in about $108.41 million.
Foreign investments are approved by Murasoli Maran, minister for commerce and industry, based on recommendations given by the Foreign Investment Promotion Board.