French and South Korean Cos to invest in India

By agencies   |   Tuesday, 26 July 2005, 07:00 Hrs
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MUMBAI: Two big-ticket foreign funds, one each from France and South Korea, are set to enter India next month. These two players are following Japanese funds that have collectively invested close to $3 billion in the past few months.

Korea Investment Corporation (KIC), a state-owned fund aimed at managing Seoul's foreign exchange reserves, is expected to enter the market in the first week of August. Ditto about Credit Agricole, a fund promoted by a French bank.

Market sources said KIC launched its operations on July 1 with an initial corpus of $20 billion for investment in emerging markets. "India will receive a good pie of this," said a source. Credit Agricole has so far raised $300 million for investments in India.

The corpus would even become bigger by the time of its investments in the first week of August, the sources added.

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