Business Daily from THE HINDU group of publications
Saturday, Aug 05, 2006
Business Daily from THE HINDU group of publications Saturday, Aug 05, 2006 |
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Markets
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Mutual Funds Virendra Pandit
Ahmedabad , Aug. 4 The Rs 2,800-crore Kotak Mahindra Group is considering setting up a mutual fund for investing in gold and real estate markets, which have seen unprecedented boom in recent months. "Gold, of course, is a better option. We are open to it," Kotak Mahindra Bank's Executive Vice-Chairman and Managing Director, Mr Uday Kotak, told Business Line here today. He said the Group was more interested in making investment for development of properties rather than buying land. It was also looking at high networth income individuals in this regard. Mr Kotak said the Group had already set up a venture fund with a seven-year lock-in period for investment in real estate. It has raised Rs 500 crore locally and making efforts to raise about $300-350 million, to make the venture fund worth about Rs 2,000 crore. Investment in the real estate business is "very significant" as an asset class, he added.
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