The Hindu : Business : Tata Kerala fund to be launched in February

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Saturday, Nov 25, 2006
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Tata Kerala fund to be launched in February

Staff Reporter

The MF is being launched as a special vehicle for NRIs

KOCHI: Doha Bank's special Tata Kerala fund is likely to be launched in February, subject to statutory clearances.

The mutual fund is being launched as a special vehicle for Non-Resident Indians, especially Keralites, to pool resources for investment in Kerala projects in tandem with the 50th anniversary celebrations of the State's formation.

Ved Prakash Chaturvedi, managing director, Tata Asset Management, said here that the size of the fund would be around Rs.1,000 crore.

He was speaking at a meet on investment opportunities in Kerala organised here on Tuesday by Doha Bank, Qatar.

R. Seetharaman, Deputy Chief Executive Officer of Doha Bank, told reporters on Monday that about 50 per cent of the fund would be invested in projects identified in Kerala.

Mr. Chaturvedi expects that it would not be difficult to raise funds as there were around 3.5 million Malayalis working in the Gulf Cooperation Council block among five million Indians.

Doha Bank manages assets to the tune of Rs.25,000 crore ($ 5.5 billion) while Tata Asset Management handles assets of $ 3 billion.

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