IL&FS eyes buyouts
IL&FS Mutual Fund is eyeing acquisitions and plans to launch six more schemes to increase its assets under management to over Rs 3,000 crore by the end of this fiscal. “The acquisition should be at the right price and should fit into our business strategy. We have identified a couple of small funds,” president N. K. Sharma said.
JM Mutual Fund has tied up with Life Insurance Corporation of India (LIC) to launch a scheme that offers life cover to subscribers. The scheme will invest 85 per cent of its corpus in fixed income securities, and the balance in shares. JM hopes to raise Rs 100 crore from the ongoing IPO of the scheme.
Allahabad Bank has launched a scheme, Al-Ayushman Bima Yojana, in partnership with LIC. The scheme entails a life insurance of Rs 1 lakh for a nominal premium. It is open to depositors between 18 and 54 years.
Kotak Mahindra Bank has launched FundstoHome, an online remittance service for non-resident Indians. This service includes a direct debit facility and a secure international funds transfer.
ICICI Lombard General Insurance has launched Globetrotter Student Travel Insurance, an overseas individual student insurance policy, which offers comprehensive coverage for students aspiring to pursue higher studies abroad.
Royal Sundaram has introduced Enterprise, a suite of insurance products to cater to the small and medium enterprise segments. It provides fire, marine, engineering, public liability and product liability cover for small businesses.
The Haldia Dock Complex has handled 2.92 million tonnes of cargo in July, a rise of 19.36 per cent from an year-ago period, said A. K. Chanda, chairman of Calcutta Port Trust.
Usha Martin has received the shareholders’ approval to start mining of coal and iron ore. To expedite operations, the company will form a joint venture with Jharkhand State Mineral Development Corporation.
Bank of Rajasthan and UTI Bank have introduced mutual sharing of ATMs to allow customers of both banks to use the combined network of ATMs across the country.
Gestetner (I) Ltd has launched a digital printing machine priced at Rs 1.85 lakh with a speed of 60 to 90 prints per minute.
SRF Ltd has recorded a 13.66 per cent rise in net sales at Rs 209.48 crore for the quarter ended June 30, 2003, against Rs 184.31 crore posted in the corresponding period last year.