New Delhi, July 29 :    New Delhi, July 29:  Bank of Baroda (BoB) has embarked upon an aggressive strategy of expanding and restructuring its four domestic subsidiaries by entering into new businesses apart from making a strategic sale to foreign investors. Speaking to The Telegraph, BoB chairman P.S. Shenoy said the bank has drawn up expansion plans for all four of its subsidiaries - BoB Capital Markets, BoB Cards, BoB Housing Finance and BoB Asset Management Company. As far as BoB Housing is concerned, plans include opening more branches, especially in the rural areas of Gujarat, Maharashtra and Rajasthan. The company, which is a joint-venture with the National Housing Bank, turned up an income of Rs 45.9 crore and net profit of Rs 8.8 crore during 2000-01. 'Bank of Baroda will also raise resources for the subsidiary by divesting a part of its stake through an initial public offering (IPO) later this fiscal,' Shenoy said. The bank is scouting for a foreign partner for its mutual fund subsidiary BoB Asset Management, through an equity selloff. The company has already received approval from the Securities and Exchange Board of India (Sebi) to float two more mutual fund schemes - balanced and debt funds - but is yet to firm up the launch dates. BoB AMC will also hawk the insurance products of the bank once the parent gets the approval for the same from the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDA) to set up its insurance business. BoB Capital, which is essentially into the business of merchant banking, is all set to enter the primary dealership arena. It received the nod to go ahead with its primary dealership foray from the RBI a few days back. BoB Caps, which earned Rs 1.09 crore in 2000-01, from activities including merchant banking, plans to deal in government securities for both big and retail investors, through its existing branches and those of the parent, Shenoy said. As for the fourth subsidiary, BoB Cards, the bank plans to launch co-branded cards and enter into a strategic tieup with a leading foreign bank. BoB Cards turned up a net profit of Rs 1.1 crore on a total income of Rs 32.5 crore in 2000-01. 'We have one of the highest number of foreign branches and have already launched global credit cards. The entry of a foreign partner in this venture is sure to boost the competitive advantage of BoB Cards,' Shenoy added.