AIG to foray realty, consumer fin, asset mgmt biz

Global insurance and financial services firm American International
Group, Inc (AIG) is set to make an entry into three new
businesses in India - asset management, consumer finance and
real-estate development.

The group, which is awaiting license from the Securities and Exchange
Board of India (Sebi) for its mutual fund operations, is ready to hit
the market with equity and fixed income products soon after getting the
regulatory clearance, Sunil Mehta, country head & CEO of AIG, India.

The group has appointed Ravi Mehrotra as regional head of AIG Global Investment Group Asia Asset Management Company. He was
previously president of Franklin Templeton AMC.

Saurabh Santhalia, who was head of DSP-Merrill Lynch MF, has been made CEO of the proposed AIG AMC. "We will be a responsible player in the Indian financial services sector," Mehta told BS.

AIG, which is already into life and non-life insurance, private equity,
software development and aircraft leasing business in the country, is
also entering the real-estate development area in the country, building
projects in partnering with local developers. As per the plans, the
group is looking at "hard core real estate development" by building
commercial, residential, hospitality and integrated townships.