Alliance to get offshore funds to Indian shores - Views on News from Equitymaster

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Alliance to get offshore funds to Indian shores

Dec 16, 1999

Alliance Capital plans to get a large chunk of offshore funds into the Indian market. As per newspaper reports, Alliance has already bagged the global US$ 200 m fund account of a major US pension fund. Approximately US$ 30 m of this figure will find its way in Indian markets. In addition to this, Alliance's US$ 160 m Asia Technology Fund will also launch its Singapore leg next month. India is expected to get an allocation of this fund.

Alliance's Samir Arora revealed that Alliance had just bagged the US$ 200 m fund management account of the US pension fund. Close to US$ 90 m would be allocated for Asia, of which about US$ 30 m will be invested in Indian markets.

Samir Arora divulged that Alliance was very bullish on India and this would continue over the next 18 months. He attributed this to range of options available in India ranging from FMCG to healthcare to technology and cyclicals. Indian companies had voluntarily undertaken corporate governance initiatives and restructuring efforts which is a heartening feature.

He said that in view of the fact that the Indian market had grown by 77% in the course of one year, there was still potential for growth. Alliance equity schemes have increased exposure across several sectors like auto, steel, cement, and banking. This is in stark contrast to other funds which have remained invested largely in IT stocks and have tended to ignore good stocks of other sectors.

As more US dollars flow in Alliance Capital, it will increase exposure to Indian markets. This is an indication of the fact that Indian stock markets are getting recognised for their depth. Funds are increasing their allocations to India significantly. This also indicates that Indian stocks are perceived as having more growth potential vis--vis stocks of other Asian countries.

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