India's Reliance Money, a unit of financial services company Reliance Capital Limited, said on Thursday it had launched a joint venture in Saudi Arabia as it seeks to expand its international presence.

Reliance Money will hold the majority stake and all management control in Riyada Reliance Money, a venture with Bahrain-based advisory firm Riyada Consulting, the Indian company said in a statement.

The venture will seek regulatory approvals for launching services including broking, corporate finance, investment banking and asset management, it said.

'We already have a presence in Oman and Dubai, and our presence in Saudi Arabia will further complement our efforts to have a larger role in the region,' said Sudip Bandyopadhyay, chief executive and director of Reliance Money.

The venture will also seek to raise about RO 200 million ($53 million) from a sale of a stake to Gulf institutional investors. Reliance Money would still retain management  control after the stake dilution, it said.

'The company has already initiated discussions with some Gulf institutional investors for strategic participation,' it said.

Reliance Money, which recently launched in Hong Kong, plans to start operations in Europe, North Africa and south east Asia, and aims to get half its revenues from overseas by 2012, it said.-Reuters