IDBI Principal Asset Management Company is aiming at a Rs 1,500 crore turnover this fiscal and expects to grow at 50 per cent per annum over the next couple of years.
"We have embarked on an expansion whereby we will increase the number of offices to 30 in next three years," said managing director and CEO Sanjay Sachdev, who was in Kolkata last week for the opening of a branch. "We expect to service as many as three lakh customers by end of the third year," he said.
The thrust at IDBI Principal will be on client servicing, and the company has already invested Rs 7 crore for imported technology from its overseas partner Principal. The company has earmarked Rs 30 crore for upgrading its information technology systems and infrastructure over the next three years.
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While IDBI Principal has recently launched a gilt fund for children in collaboration with Life Insurance Corporation (LIC), it is also preparing the ground for launching a pension product as when the legislation's are in place. The product has a life insurance part attached to it which will be provided by LIC.
Explaining the company's plan on pension products Sachdev said, "Pension products require an altogether different kind of infrastructure set-up, and Principal being a strong player in the field gives us the opportunity to create a products that will suit the requirement of all types customers once we are allowed to float such a product," said Sachdev. "Further, there is a large potential in the field which we are ready to tap once it is opened up," he said.
"We will launch another sector specific fund few weeks from now," informed Sachdev. The unique selling point at IDBI Principal being better customer servicing, the company has taken upon a strategy of creating assets based on the requirement of customers at different stages of their life.