Singapore: UTI mutual fund will raise USD 300 million in Dublin next month by launching a second offshore equity fund, shortly after mopping up USD 300 million through a similar fund last year which tapped vast European investments.
At the “Emerging India Forum 2015” organised by an Indian media house in Singapore, Leo Puri, managing director of UTI, said, “We are launching offshore equity fund in Dublin to raise USD 300 million. The approval process is going on and it would likely be launched in April.”
When asked about the scope of raising funds to support investments in India, he said, “We see a potential to get a USD 1 billion.” UTI mutual fund has already raised USD 300 million through a similar fund launched in Dublin in December 2014, which tapped the vast European investments. Puri also estimated USD 2 to 3 billion investment flow into India’s insurance sector in the next six to 12 months after?the Upper House of Parliament approved a bill increasing foreign investor participation in the sector up to 49 percent from 26 percent previously.
India is gaining more foreign investors’ confidence as the government led by Prime Minister Narendra Modi has given much clearer indication on the path the country is taking, he said. “The government has laid out the agenda for the next three years which will undoubtedly bring back the capital investment into the country and create opportunities for foreign investors,” said Puri.
