Lotus India launches tax-savings equity linked scheme

New Delhi, Nov 20 (UNI) Lotus India Asset Management Company Pvt Ltd, a joint venture between a unit of Singapore-based Temasek Holdings Pte Ltd and Sabre Capital Worldwide, today launched a tax-saver equity linked savings scheme.

The investments made under this scheme will have a lock-in for a period of three years. The new fund offer priced at Rs 10 per unit will be open till December 5, 2006 and re-open for ongoing purchase and redemption from January 1, 2007.

Lotus India AMC Chief Executive Officer Ajay Bagga said, ''The Equity-Linked Savings Scheme (ELSS) will offer retail investors an opportunity to invest in a market-linked product and also avail tax benefits.'' The company has embarked on an aggressive plan to offer a series of investment products to the investors. It aims to be present in every product category and provide all segments of its investors with a well diversified investment portfolio, he added.

The Lotus India Tax Plan aims to generate long-term capital growth from a diversified portfolio of predominantly equity and equity related securities.

Lotus India Asset Management Company Pvt Ltd is a joint venture between Fullerton Fund Management Group, a wholly-owned subsidiary of Temasek Holdings and Sabre Capital Worldwide.

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