Mirae Asset Financial Group, the South Korea based financial major, chairman said that they are keen to invest in real estate, especially in commercial and social infrastructure. The group also said that they are looking to ramp up its securities business in India such as wealth management, stock broking, investment banking, venture capital and private equity. The company is on a look out for a partner to expand business in India.
Prior to setting up its Indian subsidiary, Mirae Asset has been present in India as a foreign institutional investor since 2005 with investments worth over USD3.5 billion through India-dedicated offshore funds. Globally, Mirae Asset Financial Group manages more than USD132 billion in assets.
In decemebr 2007 Mirae Asset got the permission to launch funds in the Indian market subsequently in Feb 08 Mirae asset launched its first fund under the name Mirae Asset India Opportunities Fund.
The company raised another USD 356mn by launching Mirae Asset Liquid fund and Mirae asset Liquid plus fund. These funds invest in equity and debt instruments.
The Indian asset management company of the group manages assets worth $600 million. The company was also in the reckoning to acquire Standard Chartered Mutual Fund’s assets in India, which finally went to IDFC.
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India has "enormous potential in all its property investment categories". Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- http://realtydigest.blogspot.com/
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