Speaking to The Financial Express, GICMF chief executive AR Prabhu said : "At present, the MF is working on the nitty-gritties. However, the launch would be after the induction of the new joint venture (JV) partner."

The regional fund would be investing in either registered companies in Gujarat or companies having factories in Gujarat. The debt portion would also be invested in government securities of Gujarat. Mr Prabhu said, "We have chosen Gujarat because of the petrochemical, and power industries there, less labour problems, availability of manpower, the government being pro-industry and a cash-rich Gujarati community."

The fund is also thinking of some other novel schemes like GIC Tourism Plan, GIC Voluntary Retirement Plan and GIC Leave Encashment Plan. For its tourism fund, the MF is in talks with the Maharashtra Tourism Corporation for an arrangement wherein the investors of the fund would get discounts for staying at their guest houses. The fund plans to raise a minimum of Rs 250 crores in Maharashtra. The company is also thinking of a voluntary retirement fund to tap funds from VRS, at present being issued by many banks. The fund would seek to give various risk-returns suiting the investor's profile.