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Ramesh Sharma

Mr Sunil Mehta, Country Head and Chief Executive, India American International Group, flanked by Mr Saurabh Sonthalia (left), CEO, AIG Global Asset Management Company (India) Pvt Ltd, and Mr Marcus Schomer, MD, Global Economic Strategist, AIG Investments, New York, at a press conference in the Capital. —

Our Bureau

New Delhi, Jan. 8 AIG Investments, an asset management arm of American International Group Inc, on Tuesday announced the launch of an open-ended equity scheme by the name ‘AIG Infrastructure and Economic Reform Fund’.

This fund, whose new fund offer (NFO) would be open between January 10 and January 31, would invest in companies that are likely to benefit from the increased infrastructure spend during the Eleventh Plan period (2007-08 to 2011-12) and those entities that are likely to be beneficiaries of the reform process unleashed in recent years.

The projected infrastructure spend in the Eleventh Plan is Rs 20 lakh crore or 2.3 times the estimated spend in the Tenth Plan. The fund would, however, not have any bias towards any sector or market capitalisation range. It would be benchmarked against the BSE 100 index.

AIG Investment is looking to mobilise about Rs 2,000 crore from this NFO, Mr Saurabh Sonthalia, Chief Executive Officer of AIG Investments, told reporters, when asked about the level of funds that are expected to be garnered under this NFO.

Mr Tushar Pradhan, Chief Investment Officer-Equities, said this fund would have a portfolio of 40-45 stocks.

“Infrastructure is critical for India to take its growth momentum forward. It also presents a great investment opportunity. AIG in India has always been bullish on infrastructure investments and have been amongst the earliest investors in this sector in India,” Mr Sunil Mehta, Country Head and Chief Executive of American International Group Inc in India, said.

More Stories on : New Fund Offer | Infrastructure | Mutual Funds

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