Aditya Birla Sun Life AMC on Tuesday said it has received an approval from IFSCA to act as a registered fund management entity and carry out Alternative Investment Fund (AIF) and Portfolio Management Services (PMS).
The approval has been granted by the International Financial Services Centres Authority (IFSCA) on November 28, the asset management firm said in a statement.
The firm can carry out services through a branch office in International Financial Services Centre (IFSC) in Gujarat's GIFT City.
The company's move to set up a new unit at the Gujarat International Finance Tec-City (GIFT City) is a strategic step towards the growth of its international business, to expand its reach and service global clients, including NRIs for investing in India.
"GIFT City is emerging as a financial gateway of a country for investment in India and globally. Our international business at GIFT City will be an integral part of that journey. In a phased manner, India's dedicated institutional mandates will be managed from GIFT City," A Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC, said.
Further, he said that the company is in the process of launching multiple funds from GIFT City for global investors looking to invest in India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)