The Hindu : Business : UTI AMC plans to acquire stake in tech firm

Online edition of India's National Newspaper
Friday, Dec 30, 2005

Business

Business

UTI AMC plans to acquire stake in tech firm

To come up with a new equity fund scheme different from present one

NEW YEAR GAMEPLAN: (From left): A. K. Purwar, Chairman, SBI, U.K. Sinha, Managing Director and CEO, UTI AMC, S. C. Gupta, Chairman, Punjab National Bank, Anil. K. Khandelwal, Chairman, Bank of Baroda, and A. K. Shukla, Chairman, LIC, at a UTI AMC sponsor meeting in Mumbai on Thursday. — Photo: Shashi Ashiwal

MUMBAI: UTI Asset Management Company on Thursday said it planned to acquire stake in a technology company and is mulling acquisition of a distribution company or may develop one of its own as part of its three-pronged growth strategy.

"The acquisition will help us better serve our customers. We are also coming up with a new equity fund scheme, which is different from the present ones,'' UTI AMC Chairman U. K. Sinha told reporters here.

However, he did not name the technology company UTI AMC planned to acquire.

UTI AMC expects its domestic assets to grow at a combined annual growth rate of about 20 per cent in a year to touch Rs. 62,000 crore by 2010 March. The company will also hive off two strategic business units in the areas of fund accounting, administration and research services. — PTI

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