Investment firm India Infoline plans to a foray into wealth management through a subsidiary IIFL Wealth Management to provide focused services to resident and non-resident Indians, a top company official said, according to media reports.

"We have done the ground work to add a powerful engine of growth in the form of wealth management business through a subsidiary," India Infoline chairman Nirmal Jain told the shareholders at the company's annual general meeting.

"We have put together a team of professionals with the best credentials with a substantial stake in the subsidiary," he was quoted as saying.

The company has also applied for an in-principle approval for sponsoring a mutual fund.

India Infoline recently entered into the institutional equities and investment banking business.