The Hindu : Business : Birla MF hopes to raise Rs. 1,000 cr. through new fund

Online edition of India's National Newspaper
Saturday, Feb 04, 2006

Business

Business

Birla MF hopes to raise Rs. 1,000 cr. through new fund

Special Correspondent

NEW DELHI: AV Birla group's Birla Mutual Fund on Friday said that it has hit the market with a sector specific new fund named `Infrastructure Fund' with the expectation of mopping up Rs. 1,000 crore.

Birla Mutual Fund has entered the market with sector specific fund particularly in view of the fact that the UPA government is aiming at an investment of over Rs. 300,000 crore in mega projects. Incidentally, BMF's latest offer comes after PNB Principal's new fund offer (NFO) for investments in infrastructure and fast growing services sector closed some days ago. Birla's fund will focus on stocks of infrastructure companies and those supplying equipment to mega projects in power, roads, airport and ports, company's chief investment officer, A. Balasubramanian, said while addressing the media here.

"The MF had raised about Rs. 670 crore in the NFO of `Top 100 Fund' in September last year. We expect to raise more in the NFO of Infrastructure Fund," he said putting the figure at close to Rs. 1,000 crore through this open-ended diversified equity fund.

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