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Sahara rules out MF division sell out

Sahara Mutual Fund launches an infrastructure fund, which would invest primarily in equity or related instruments.

india Updated: Feb 14, 2006 16:44 IST

Sahara Mutual Fund on Tuesday launched an infrastructure fund, which would invest primarily in equity or related instruments of companies in the core sector, even as it said the parent company has no plans to sell the MF business.

"We surely are not going to be sold out from the Sahara India Group....," Sahara Mutual Fund CEO Rajiv Shastri said, replying to queries from reporters.

SMF is part of the Sahara India Group that has interests in finance, media, housing and IT. The group last month exited the aviation business by selling Air Sahara to its rival Jet Airways.

On the infrastructure fund, Shastri said: "The amount of money required in infrastructure is quite significant. We need fresh investment in infrastructure for future growth."

The Sahara Infrastructure Fund offers a minimum investment of Rs 1,000 for investors opting for the growth option and Rs 5,000 for those opting for dividend.

The fund would invest at least 70 per cent in equity and up to 30 per cent of net assets in debt money market instruments for providing liquidity and preservation of capital, said Naresh Garg, SMF's Chief Investment Officer.

The fund opens on February 15 and closes on March 10, 2006.

First Published: Feb 14, 2006 16:44 IST