Doha Bank, Tata Asset tie-up for India-orient mutual fund

Kochi, Nov 17: The Doha Bank of Qatar in collaboration with Tata Asset Management Company will launch an India-orient mutual fund early next year.

Addressing a press conference here last night, Doha Bank CEO R Seetharaman said the Bank was awaiting regulatory clearance in India and Qatar, and the fund would be launched in two to three months time.

Targeted at Non-Resident Indians, the fund would be invested in infrastructure projects in India, Mr Seetharaman said, adding real estate and telecommunication were two probable areas of investment.

Mr Seetharaman said the formalities for the Bank to enter into a strategic tie-up with Kochi-based brokerage firm Investnet were completed with the shareholders of Investnet approving the alliance at an annual general body meeting here yesterday.

The Bank, which had acquired 49 per cent stake in the company, would substantially upscale the operations of the firm.

It had already applied to the RBI to start a non-banking financial company (NBFC) in India and the name of the company had been changed to Doha Brokerage and Financial Services (DBFS), he said.

While he would be the Chairman of the company, Mr Prince George would be its Managing Director. The Bank would nominate two directors--Ganeshan Ramakrishnana and K V Samuel--into the board of directors shortly, he said.

Stating that this was Doha Bank's first investment in India, he said ''we perceive the financial services sector in India as the hottest growing zone.''

UNI