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HDFC to launch Property Fund in FY07
Chennai: HDFC plans to launch its global realty fund of Rs1,000 crore in the first quarter of 2006-07. The international fund will enable non resident Indians and foreign institutional investors to invest in real estate projects in India.

Officials said Rs600 crore of the Rs1,000 crore property fund has been allocated to projects in Mumbai, Delhi, Bangalore and Chennai.

Commercial and residential real estate projects will each account for 30 per cent of the fund, while the balance will be on projects developed for leased space, among others.

HDFC property fund is a seven-year close-ended real estate venture fund called HDFC India Real Estate Fund.

The funds from the scheme have been invested in equity and equity-linked instruments of companies engaged primarily in real estate projects in major cities in India.

The fund has been launched in association with State Bank of India. HDFC holds close to 80 per cent and SBI the remaining stake while the fund is managed by HDFC Venture Capital Ltd.
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Iffco-Tokio to see capital infusion of Rs 120 cr
Kolkata: Iffco-Tokio General Insurance Company (ITGI) will shortly make an additional capital infusion to the tune of Rs 120 crore in the current fiscal.

The current capital base of the company is Rs100 crore. ITGI is expecting to record around 50-per cent increase in premium income this year to Rs750 crore against last year's premium income of Rs501 crore, with profit before tax at Rs23.90 crore.

Officials said that as on November 2005, premium income touched the Rs 500-crore mark.

The company has achieved a return on equity of 23 per cent in 2004-05.
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