By IANS
Chennai : US-based financial services major AIG Global Investment Group (AIGGIG) Thursday formally launched its maiden “world class” India Equity Fund here at Rs.10 per unit (plus applicable entry load).
AIGGIG chief executive for Indian operations, Sunil Mehta said: “our vision is to create a world class asset manager in India that combines our global expertise with our local experience gained over the years backed by a track record of our professional team.”
Ravi Mehrotra, the company’s Asia head, claimed that AIG venture is the first amongst a range of investment solutions that would ensure a meaning stake in the asset class.
He claimed that AIGGIG funds would “form an integral part of the investor’s public portfolio” on the basis of its pedigree, investing philosophy and the depth of experience.
AIG is also developing 2.5 million square feet of commercial space with a green building over a 10-acre plot at Rajarhat township in Kolkata.
By 2007 end, AIG is planning to operate in 325-350 premises in 140 cities in India. The group would have 6,800 employees by the end of the year.
The $670 billion AIGGIG has a global presence through its 44 offices situated worldwide. Its parent company American International Group with a $979 billion asset base is present in 130 countries globally.
Its market capitalisation is over $180 billion dollars. The company is listed in the stock exchanges in New York, London, Paris, Switzerland and Tokyo.