ICICI plans foray in smaller UP cities

ICICI Prudential Asset Management Company Ltd, the joint venture between the ICICI Bank and the UK-based Prudential Plc, plans to penetrate into tier-III and -IV cities of Uttar Pradesh.

"From five branches in UP and Uttarakhand last year, we have increased the number to 14 in the current year. Catering mostly to tier-I and -II cities of the state currently, our focus will now be smaller towns of the state because of better growth prospects there," said Navin Tewari, company head (retail sales and distribution) to Business Standard.

The company has presence in about 40 locations in the two states with offices at Lucknow, Kanpur, Varanasi, Allahabad, Dehradun, Meerut, Haldwani, Bareilley, Jhansi, Agra, Mathura, Aligarh and Gorakhpur. Tewari was in Lucknow to announce the launch of company's new Indo-Asia Equity Fund.

The fund is an open-ended diversified equity scheme that will invest predominantly in equity and equity-related securities.

The company has garnished a business of Rs 800 crores from the state since the start of its operations in the state.

"We will take the number of branches to 20 by the end of next year," Tewari said.