New Delhi, Jan 8 (UNI) With country witnessing a realty boom that is changing the economy, AIG Investments today launched an open-ended equity scheme 'Infrastructure and Economic Reforms Fund' for raising about Rs 2,000 crore to invest in infrastructure development firms.
''Infrastructure is critical for India to take its growth momentum forward. It also presents a great investment opportunity,'' said AIG India Country Head and Chief Executive Sunil Mehta.
He added that the company is eyeing to raise about Rs 2,000 crore.
''The open-ended equity fund aims to capture the investment opportunities from this fast growing sector,'' said Mr Saurabh Sonthalia, CEO, AIG Global Asset Management Company (India) Pvt Ltd.
The new fund offer is priced at Rs 10 per unit (plus applicable entry load) will open on January 10 and close January 31.
''It will re-open for ongoing purchases/redemptions no later than February 29 this year,'' company Chief Investment Officer (Equities) Tushar Pradhan said.
Talking about the fund, Mr Pradhan said there exist multi-year opportunity in the sector. ''The sectors like roadways, telecom and power present multi-year opportunities as the development takes time. Also, there are multi-dimensional opportunities as many sectors merge,'' he said.
The company has yet to decided the percentage allocation. It will invest in about 45 stocks covering the entire array of infrastructure.
At present, the company has assets under management worth Rs 3,000 crore.
The government has earmarked Rs 20 lakh crore for the infrastructure sector across the country.
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