Mumbai, Sept. 30: After lying low for many years, the Hinduja group and its investment vehicle IndusInd Holding plan to raise up to $1 billion (Rs 4,400 crore) for investment in India, the UAE and Qatar.

The group would soon float a fund, the proceeds of which would be invested in listed and private infrastructure companies in India, Abu Dhabi and Qatar, Srichand Hinduja, chairman of Hinduja group and IndusInd Holding, said in Dubai.

The Mauritius-based IndusInd Holding, which spawned IndusInd Bank many years ago, will approach its investors for additional funds for the first time since inception in 1993.

IndusInd Holding is an investment firm set up primarily to allow non-resident Indians and people of Indian origin to invest in the country using the company as an investment channel.

The company has decided to invest up to $1 billion following an impressive improvement in performance. IndusInd Holding has recommended a dividend of 8 per cent per share of $1 for the 15 months ended March 31, 2005 compared with a 5 per cent payout for the 12 months ended December 31, 2003.

The investment arm of the NRI group is also contemplating to diversify and broadbase its investment portfolio. It will soon approach overseas investors for subscribing to the additional capital.