MILLENNIUM INDIA ACQUISITION COMPANY INC

MILLENNIUM INDIA ACQUISITION COMPANY INC

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Company Overview
Millennium India Acquisition Company Inc is an American-based company engaged in financal investment activities. It was founded in the year 2006 and has its registered headquarters located in New York, New York. It is a public company listed on the American Stock Exchange.
The company is involved in capital stock exchange, asset acquisition, and other related transactions. It focuses on privately-owned businesses within the financial services, healthcare, infrastructure, consumer, retail, and hospitality sectors.
Business Summary
Millennium India Acquisition Company Inc. (MIAC) is a closed-end, non-diversified investment company. MIAC holds 15.14% interest in SMC Group. SMC Group is a financial services company. Gemini Fund Services, LLC serves as its administrator.
Description and history
Millennium India Acquisition Company Inc. (MIAC), incorporated on March 15, 2006, is a closed-end, non-diversified investment company. The Company’s principal asset is its shareholding in SMC Group. In January 2008, the Company acquired a 14.75% equity interest in SMC Group. In March 2008, MIAC’s interest in SMC Group was reduced to 14.44% due to Bennett Coleman, & Co., an India-based financial media and investment firm investing in SMC Group. SMC Group is a financial firm based in India, and has businesses in equities and commodities brokerage, derivatives, international commodities, online trading, arbitrage, investment banking, investment advisory and research, depository and clearing services, distribution of mutual funds, initial public offerings (IPOs) and insurance products.

The Company’s ownership stake in the SMC Group consists of ownership of 14.44% of SMC Global Securities Limited (SMC) and 14.44% of SAM Global Securities Limited (SAM). In September 2008, the Company announced a joint venture with Sanlam Group, headquartered in South Africa. The agreement between Sanlam and SMC Group calls for setting up two businesses in India, a wealth management company and an asset management company. In October 2008, SMC Group signed a memorandum of understanding with Punjab National Bank (PNB), an Indian commercial bank, providing SMC the opportunity to offer online trading and related investment brokerage services to PNB’s 35 million customers.

Business Line
Engaged in financal investment activities
Subsidiary
S M C GLOBAL SECURITIES LTD.
Advisor
J. H. COHN LLP
IPO date
7/6/2006
US SIC Code
6799
Company Address
Suite 46C
330, East 38th Street
City province or state postal code
10016, NEW YORK, NY
Phone: +1 212 681 6763
Fax:
Country address: UNITED STATES OF AMERICA
Website url: