Alpic Finance (AFL), promoted by Shirin Hamied and Geeta Lulla, was incorporated as Alpic Trading Enterprises private limited on May 27, 1985. Its name was changed to Alpic Finance & Leasing private limited. with effect from April 10, 1986, and further to Alpic Finance private limited from July 5, 1991. The name was finally changed to the present one on September 29, 1992. AFL offers a wide range of financial services and products, including Leasing, Hire Purchase and Consumer Finance, Commercial Bill Discounting, Securities and Money Markets, International Banking and Business Advisory Services. It has a tie up with the Western Union Financial Services (a Fortune 500 company) for offering money transfer services from 160 countries to India.
AFL and Allianz Ag have floated a joint venture in risk management and financial services, which is operational, and have sought registration with the RBI for the non-banking finance company- Allianz Alpic Finance Corporation. Allianz will be a majority stakeholder (51 percent) in this proposed financial services company, which will undertake fund-based activities with largely corporate funding. However, in December 1999, the government denied the German major from bringing in equity for its intended joint venture, Alliance Alpic Finance Corporation. Apparently, the problem arose because of violations by AFL during a rights issue, and until the SEBI gives directions, the foreign investment proposed in the JV will be stalled.
In 1995, the Company's joint venture namely Alpic Everest Finance, Katmandu, received operating licence and started operations. During 1996, the Company received license from the RBI to set up a local area bank in Maharashtra. The company signed a MOU with Allianz AG, Germany and MMI Insurance of Australia, to set up general health and life insurance joint venture insurance companies in India upon the opening up of the insurance sector. During the year, an international services division a single window project management outfit to cater to the growing needs of post liberalised India. The division offers complete services from entry point requirements to feasibility studies, to capital structuring, to technical sourcing, to obtaining approvals etc.
The Company proposed to export financial expertise to Nepal by setting up a Pioneer Joint Venture Financial Services Company. The Company signed a Memorandum of Understanding to provide the services including initial feasibility studies; assessment of market potential; advice on market positioning; products and services; deputation and personnel; assistance in formulation of business policy/practices; establishment of effective organisation and systems; use of modern financial analytical tools and research etc. The Company also proposed to promote a joint venture financial services company with Bank of Bahrain & Kuwait B.S.C. to facilitate Indo-Gulf Trade, promote joint ventures attract NRI investments and to float an Offshore Mutual Fund.