Fidelity International, the global mutual fund major managing assets of over $141.5 billion worldwide, on Tuesday said it plans to enter India this year and has appointed three senior executives for the Indian arm.

"We have filed our preliminary application with the Securities and Exchange Board of India for their approval to set up a mutual fund in India in 2004," Fidelity managing director Richard Wastcoat said, while announcing its plans for India.

"Having a strong management team in place is crucial to the future success of our Indian operations," he said in a statement in New Delhi.

Accordingly, Fidelity has appointed former Citigroup India's head of business development Ashu Suyash as head of its proposed asset management company.

The global fund house will relocate its former Hong Kong-based research analyst and currently sector leader in London, Arun Mehra, to India. It has also roped in Kotak Mahindra AMC's vice-president Hemang Bakshi.

This represents the first step in Fidelity's intention to launch an Indian mutual fund company during 2004 subject to regulatory approval, Wastcoat said.

India will be the 26th country where Fidelity will have operations once it launches its AMC operations.

The global fund house now has a system development subsidiary -- Fidelity Technology India.

The fund also has a back-office operation centre for mutual funds and a call centre for its European operation and a pension fund management back-office operation in Gurgaon.