New Delhi, Oct 29 : FirstRand, one of South Africa's largest insurance, banking and financial companies, will soon open its first Indian branch in Mumbai to promote linkages between African and Indian businesses.

The information was given Thursday by Johann Rupert, executive chairman of Reinet Investments, at a seminar on Indo-South Africa Business Opportunities organised by Associated Chambers of Commerce and Industry (Assocham) here Thursday.

"FirstRand, the leading insurance and banking entity of South Africa, has been given the licence by the government of India to open its banking operations in Mumbai," Rupert said.

Rupert, who is leading a South African business delegation to the country, said his company was also finalizing joint venture agreements with the Tata group.

However, he declined to disclose the areas of the joint ventures, saying this would be spelled out at an appropriate time.

Rupert also said India would have to lower taxes, especially import duties, to attract South African investments.(IANS)