Mahindra Asset Management Company (AMC) is looking to garner Rs 350 crore from its ELSS scheme ‘Kar Bachat Yojana’ by the fiscal-end, a top company executive said today.
Mahindra AMC, the investment manager to Mahindra Mutual Fund and a wholly owned subsidiary of Mahindra Finance, became operational since early July.
The New Fund Offer of the open-ended ELSS scheme which was launched on August 22 and comes with a 3 year lock-in period will close on October 7.
“We hope to mop up Rs 350 crore through the company’s ELSS scheme ‘Kar Bachat Yojana’ by March,” Mahindra AMC managing director and chief executive Ashutosh Vishnoi told PTI here.
Currently, the company is managing Rs 1,200 crore of the liquid fund it has got on its offering.
“We are targeting at bringing 1.5 lakh customers from 100 cities to our fold in a year’s time,” he added.
The parent company of the firm is Mahindra Finance which is present in 1,400 cities and does business in 2.7 lakh villages.
Mahindra AMC has chalked out an aggressive plan to reach out its rural customers.
“We are going down with a marketing program in multiple languages across the country,” Vishnoi said, adding ‘as an AMC, we are currently present in 23 cities and we will make it to 50 cities by March, mostly B-15 of beyond 15 top cities.”