Melbourne:
The Commonwealth Bank of Australia has launched an investment
fund for Australian investors to who may wish to invest
in the Indian market.
According
to a report in The Age, the Commonwealth Bank,
said its capital series 12 investment fund was the latest
in a series of investment funds but was dedicated to investing
in India.
Australian
investors would now be able to purchase a minimum allocation
of $10,000 in the series that focusses exclusively on
the Indian market.
A
Commonwealth Bank spokesman said he understood that most
funds offered investors the chance to put money into funds
in a group of emerging economies, namely Brazil, Russia,
India and China, but this fund was the first to focus
exclusively on India.
"We
are the only ones offering the opportunity to invest only
on the Indian stock exchange," he said.
The
bank said the Indian economy had robust growth of 7.3
per cent a year over the past five years to December 2006,
making it the second fastest-growing economy in the world
after China.
Commsec
chief equities economist Craig James said the growth rates
were likely to be maintained, since "Just like China,
India is still in the early stages of the industrialisation
process."
The
Commonwealth Bank's fund launch comes after India Equities
Fund Ltd last week started seeking local investors for
its Australian share market listing on April 5.
The
company plans to raise up to $200 million, with a minimum
subscription of $75 million. The Commonwealth Bank investment
vehicle is open for subscription until 18 April.
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