Financial Daily from THE HINDU group of publications
Saturday, May 25, 2002
Financial Daily from THE HINDU group of publications Saturday, May 25, 2002 |
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Economy Industry & Economy - Economy Templeton bullish on India Our Bureau
TEMPLETON BULLISH: Mr Rajiv Vij, Regional Head-India, Franklin Templeton Investments, Mr Charles E. Johnson, President, Franklin Templeton International, and Mr Vijay C. Advani, Managing Director, Asia-Middle East & Africa, at a press conference in Mumbai on Friday.
MUMBAI, May 24 LEADING global fund manager, Franklin Templeton, sees the underlying trend in the Indian market as strong and positive despite the current tensions on the Indo-Pak border. Mr Charles E. Johnson, President, Franklin Templeton International, on Friday said he was bullish on India in the long term. He said the issue of Kashmir had always been there. But this time, the situation appeared to be a bit serious. However, he said, it may not affect the long-term investment interest in India. The global fund manger has over Rs 4,117 crore assets under management in India as on May 17. Mr Johnson, who is currently on a visit to this country, said Templeton's business in Asia was expected to grow 40 per cent per annum. This is against an average five per cent growth in the US. In the long run, Asia would be a bigger market than the US in terms of assets under management. Mr Johnson said Templeton would invest about $50 million in India for the acquisition of the assets of Pioneer ITI. He said the due diligence on Pioneer ITI was over and the deal was to be completed next month. Details of how to integrate the assets of Pioneer and Templeton would be worked out soon, he said. The combined asset base of the two AMCs would be over Rs 8,000 crore. The company went in for acquisition of Pioneer as it provided a good mix and there were not a lot of overlaps. Mr Johnson said that there would be no conflict of interest post-acquisition as both entities had divergent investment styles and the merged company could offer the customer fixed income and growth funds.
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