IFMR launches trust to benefit low income households

Chennai, Jan 9 (UNI) The city-based Institute for Financial Management and Research (IFMR) today announced launch of IFMR Trust to raise and manage funds for investment in commercial enterprises which leverage the competitive strengths of low income households.

Announcing this at a press conference here, IFMR President Bindu Ananth said the Trust, through its first private equity fund, would execute the strategy using a two-pronged approach.

The Trust would focus on building channels which deliver financial and other services in rural locations nation-wide and network enterprises investing across the supply chain in multiple sectors.

The approach would be to creatively harness the productive capability and purchasing power of low income households, especially those situated in remote locations.

Ms Ananth said the Trust, one of the organisations being actively mentored by the ICICI Foundation for inclusive growth, has so far invested Rs 300 million in various commercial enterprises, focusing on low income groups and expected to raise and invest Rs six billion by the end of March 2009.

''The current portfolio of investments include companies in handicraft, consumer products, drinking water, education, financial services and vocational training,'' Ms Ananth added.

UNI WS JJ GM 1554