Wealth management company Mondial has launched a joint venture company in India with Mumbai-based Padmakshi Pvt., reported International Advisor.

The joint venture, that will be called Padmakshi Mondial Wealth Management, has been established with the intention of accessing the burgeoning market for financial advice in the fast growing and increasingly wealthy country.

Padmakshi Mondial Wealth Management will be licenced under the Association of Mutual Funds in India, the governing body for the country’s mutual fund industry, as a registered mutual fund adviser.

Sean Kelleher, chairman of Dubai-headquartered Mondial, said the deal represents a significant opportunity to tap into a growing market.

He identified three main target markets for the new firm – non-resident Indians (NRIs) looking to invest into the Indian market, Indians within India wishing to use the US$200,000 limit they are permitted to invest outside of the country, and NRIs returning to India who may benefit from the use of a Qualifying Recognised Overseas Pension Scheme or a SIPP.

"India’s current demographic and stage of development has created numerous financial services opportunities within and outside the country. The Padmakshi Mondial Memorandum of Understanding is designed to bridge the Indian scene with the offshore scene," said Kelleher.

The new company has already, reportedly, signed on its first client.