Chola to unveil three plans

Cholamandalam AMC director M Anandan said the fund would reposition its technology scheme into an opportunity fund, while the MIP and the gilt funds would be new ones.

These schemes, he said, have been approved by the Securities and Exchange Board of India (Sebi). Roadshows for the schemes would begin in a couple of weeks.

He, however, wanted to keep the nature of the third product under the wraps. "The product is on the drawing board. We will announce it once we receive the Sebi approval," he added.

The technology fund was launched in 2000 and it had a net asset value of Rs 11.15.

The Murugappa group-owned mutual fund, which has Rs 1,200 crore assets under management, wanted to grow through acquisitions as well.

However, no such proposal has come up so for. "Although the size of assets under management of Cholamandalam is not very big, we target growth through the organic as well as inorganic routes," he said.

It's range of products include liquid, gilt, short-term debt, long-term debt and diversified equity products.

Cholamandalam Financial Services Group, the entity engaged in insurance, mutual fund, vehicle finance, non-banking finance company, stock broking and distribution businesses, intends to expand its presence in eastern India.

The vehicle finance business of the group so far has not been present in this part of the country, although it figures among the top five firms of the Rs 40,000 crore industry.

P N Vasudevan, vice-president and head, vehicle finance, said the company has consolidated its presence in other parts of the country and therefore expansion in the east was natural.