AIG Global to foray into consumer fin, home loan, retail

Kolkata, May 2(UNI) AIG Global Investment Group(AIGGIG) will foray into new sectors like retail, hospitality, consumer finance and real estate with diversified business models.

Speaking at a press conferenece here today, American International Group Inc (AIG) country head and chief executive Sunil Mehta said, ''In order to offer consumer finance service by this year, we have acquired Vivek Hire Purchase Limited(VHPL). We will provide consumer durable loans soon. Our new financial portfolio will also include personal loans, credit cards, home and auto loans.'' The company has tied up with Wiseman to introduce homeloan products in Indian market. AIGGIG holds 100 per cent equity in this company.

Elaborating on the company's plans about launch of new funds, AIG CIO-Equities Tushar Pradhan said the company would launch hedge funds, debt and liquid funds in near future.

The total market capitalisation of the company in India stands at US $ 174.85 billion as on March 31,2007. Headquartered in New York, the company has presence in 130 countries with 650 lakh customer base. In India, AIGGIG has around US $ 670.4 billion assets under management(AUM).

AIGGIG today announced the launch of AIG India Equity Fund. The offer price of the new fund is Rs 10 per unit(plus) and would be open for purchase from May 3 to May 31. It is an open-ended diversified fund.

UNI