Idbi Investment Seeks Nod For Offshore Fund With Ge Caps

IDBI Investment Management Company Ltd has submitted a proposal to the finance ministry for setting up an offshore fund in collaboration with GE Capital.

The proposed fund, with a duration of five to seven years, will invest mainly in profit-making unlisted companies in India, according to IDBI Investment Management Company chief executive A K Basu.

The company is also considering an index fund along the lines of the UTI Index Equity Fund, according to IDBI Investment director T M Nagarajan.

A dedicated real estate fund has also been proposed by IDBI Investment and HDFC to the Securities and Exchange Board of India.

 

Reacting to recent reports about UTI wanting dual ratings for fresh investments in privately placed debentures of non-banking finance companies (NBFCs), IDBI Mutual officials said they would not insist on dual ratings. According to IDBI Mutual, one credit rating agency is as good as another and insisting on dual ratings would not make investments any safer.

Basu emphasised that the focus of IDBI Mutual would be to provide investors, especially the retail customer, a wide choice of funds to suit their needs.

IDBI Mutual will introduce five funds in this fiscal. It has already launched Call I-Nit