Financial Daily from THE HINDU group of publications
Saturday, Mar 25, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 25, 2006 |
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Industry & Economy - Social Security 4 in race for coal PF assets management Ambarish Mukherjee
New Delhi , March 24 The winds of reforms seem to be catching up with the morbid provident fund sector too. While the Employees Provident Fund Organisation (EPFO) is likely to take a view on investing a small corpus of around Rs 100 crore in equities in its meeting next week, the Coal Mines Provident Fund Organisation (CMPFO) is also considering a bid by US-based Templeton to manage its assets. CMPFO's assets had a face value of Rs 37,300.27 crore as of January this year while the book value stood at Rs 38,543.32 crore, sources said. Apart from Templeton, three domestic fund managers too are in the race, namely HDFC, ICICI and the present fund manager IDBI. Earlier, the State Bank of India (SBI) managed CMPFO funds. Since the returns were not satisfactory around three years ago IDBI has given the mandate. But IDBI too could not give desirable returns and additionally because of its inadequate branch network other banks were charging a commission to encash its cheques leading to complaint from workers. The fund managers have been given the guidelines based on which they are working out their strategies.
Related Stories: More Stories on : Coal | Social Security
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