ING Vysya Mutual Fund on Tuesday said it has plans to acquire other funds as part of efforts to take its assets to Rs 3,000 crore (Rs 30 billion) this year, six times higher than that in the previous fiscal.
"We will certainly take the call when the right opportunity comes," ING Vysya Mutual Fund managing director and CEO Kavita Hurry told reporters in New Delhi, while launching its two schemes -- Domestic Opportunities Fund and Select Debt Fund, through which it is expecting to mop up about Rs 500 crore (Rs 5 billion).
Asked whether the acquisition would be completed this year itself, she replied: "Yes". However, she parried questions on whether they have identified any mutual funds.
The mutual fund is also planning to roll out two new schemes -- Floating Rate Fund and Textiles and Pharmaceutical (T.A.P) Fund this year and has got SEBI's approval.
Explaining the rationale for bringing in Select Debt Fund, which invests primarily in 'AA' rated corporate papers like M&M, IPCL, ACC, Tata Motors, Gujarat Ambuja and Ashok Leyland, Hurry said it was to provide higher returns (say 6.5 per cent) in view of hardening inflation and interest rates.
Claiming that Select Debt Fund was substitute to post office savings, fixed deposits and relief bonds, she said it would invest 60 per cent of the funds in 'AA' rated corporate debt with maturity of at the best two years.
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