Australian financial and investment services provider, Macquarie Bank on Tuesday opened its Indian office. The bank's global clients have been asking for access to opportunities in Indian markets.

In India, the Macquarie Bank group plans to offer corporate finance services, securities brokerage and equity research.

Macquarie's head of equities, Stuart Smythe said, "Macquarie is already licensed to trade in derivatives on the National Stock Exchange. The group plans to launch derivatives trading in the later part of 2006."

For its Indian operations, the group has already hired 40 people and plans to add on another 30 professionals this year.

The bank has been actively exploring opportunities as a principal investor in the local infrastructure space.

The other sectors on which the group maintains a bullish stance in India include property, telecom, media and resources. On the core sector front, the bank is keen on projects involving shipping ports and airports.

It is currently building its team of equities research analysts, for which it has initiated coverage on key growth sectors such as oil and gas, textiles and basic materials.

For its corporate clientele base, the bank would be offering services like advice on capital raising, investment banking, distribution of products through the global equities platform and quantitative research.

Under quantitative research, the bank would incorporate services such as consensus forecasting, portfolio construction and modelling techniques to understand the local market dynamics.

The bank has also formed a joint venture real estate development company, Milestone Communities, in association with former Australian cricket captain, Steve Waugh, who is also the bank's brand ambassador in India.

Waugh said Milestone Communities plans to pioneer a concept of high quality, residential communities built around sports, health and education facilities in India.

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