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This is an archive article published on December 21, 1999

Dewan Housing plans MF

DECEMBER 20: Dewan Housing Finance Corporation Ltd DHFL, a premier housing finance institution and the second largest finance company, i...

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DECEMBER 20: Dewan Housing Finance Corporation Ltd DHFL, a premier housing finance institution and the second largest finance company, is all set to enter the mutual fund industry. According to chairman Rajesh Kumar Wadhawan, DHFL has received the in-principle clearance from the SEBI for this purpose.

To start with, the proposed asset management company AMC will have a capital base of Rs 10 crore with DHFL holding as much as 65 per cent stake. There will be a foreign partnership, for which DHFL has short-listed three foreign funds. The foreign partner will hold 26 per cent stake, according to Wadhawan.

The proposed mutual fund will offer a basket of investment products to retail as well as institutional investors across the country. It will also enhance the company8217;s investment strategies, brand image, distribution capabilities, credit enhancement and existing client base.

8220;DHFL also plans to foray into the life and non-life insurance with the opening up of the insurance sector to private and foreign companies,8221; DHFL executive director Kapil Wadhawan said.

Wadhawan said the company has already received bids for selecting a joint venture partner for the mutual fund business from leading consulting firms viz Anderson Consulting, Pricewaterhouse Coopers and KPMG.

 

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