Essel Finance today forayed into mutual fund business and expects to have an asset base of Rs 1 lakh crore in the next 7-8 years.
Essel Finance is the umbrella brand for the financial businesses of the USD 10-billion conglomerate Essel Group, founded by Subhash Chandra.
"We feel that the mutual fund industry will double its assets under management (AUM) in the next five to six years. At Essel Finance, our aim is to get a large pie of this growth with Rs 1 lakh crore AUM for Essel Mutual Fund in the next seven to eight years," Essel Finance Managing Director Amitabh Chaturvedi said in a statement.
In November last year, Peerless Group, a Kolkata-based financial services major, sold its mutual fund business to Essel Finance Management.
The assets under management of Peerless General Finance stood at Rs 9,554 crore as on March 31.
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