Mahindra Finance, part of the $6.3 bn Mahindra Group, plans to enter into mutual fund business through an asset management company, a top company official said here.
"We have lodged an application to launch an asset management company (AMC) to float a mutual fund and it is under process of review with the regulatory authority," Mahindra Finance's Managing Director, Ramesh G Iyer, told PTI on the sidelines of a press meet here today.
Once licence is issued, we would be able to float mutual fund business in the next 4-6 months period, Iyer said.
The company hopes to provide mutual fund products to vast untapped rural market customers, he said.
Mahindra Finance, one of India's leading non-banking finance company registered on a consolidated basis a growth of 10 per cent in its total income at Rs 368 crore for the second quarter ended September, 2009 as compared to Rs 334 crore during the same period last year.
During the 2nd quarter, the profit after tax (PAT) doubled to Rs 72 crore from Rs 36 crore in the corresponding quarter of the previous year. During the first half of financial year 2010, the total income on consolidated basis increased by 10 per cent at Rs 704 crore as against Rs 638 crore in the same period of the previous year.
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