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UTI and Aussie co Amp tie up for infrastructure investments

Unit Trust of India and Amp Limited, a leading Australian financial services company, today signed a memorandum of understanding to explore jointly opportunities in infrastructure investments and a range of other financial services in India, including insurance and banking operations.

UTI and Amp propose to launch an Indian Infrastruture Fund which is expected to invest upto $ 500 million in projects in India including power generation, transportation, oil and gas exploration, telecommunications and urban infrastructure. Both parties expect to open the fund to investment from other parties.

UTI chairman P S Subramanyam said that he was pleased that UTI's business relationship would begin through the launch of a large infrastructure fund.

Amp's chief executive officer George Trumbull said that Amp was delighted to have established the relationship with UTI as part of their development into a more diversified financial services company. The steadily expanding markets in India create opportunities for Amp to work with companies like UTI.

Amp's headquarters are in Sydney. It has been in operation for 150 years and has operations in New Zealand, the United Kingdom and Australia. It has funds under management of $ 150 billion and recently reported a profit of $ 607 million for its first year as a listed company.

UNI

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