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Informist, Monday, Oct. 6, 2025

 

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--Canara Robeco AMC COO: Evaluating foray into GIFT City IFSC 
--Canara Robeco AMC COO: GIFT City branch not a priority in near term 
--CONTEXT: Comments from Canara Robeco AMC mgmt on sidelines of IPO event 
--Canara Robeco AMC CFO: No first-mover advantage in GIFT City branch 
--Canara Robeco AMC COO:Distributing GIFT City schemes right now a challenge

 

MUMBAI - Canara Robeco Asset Management Co. Ltd. is evaluating setting up a Gujarat International Finance Tec-City branch, but it is not a priority in the near term, its management told Informist. The fund house is going public in an offer for sale, bids for which will open on Oct. 9 and close Oct. 13.

 

Ahead of the IPO, Chief Operating Officer Hilde Faber said on the sidelines of an event on Monday that a GIFT City offering does not make sense using the firm's distribution network, especially with its parent company having no direct expertise. Orix Corp. is a Japan-based multinational financial services company, while its European arm – which holds 49% in Canara Robeco AMC, is a holding company with no operational expertise in asset management. Seeking third-party distribution may net them investors but would ultimately bring down the profitability of the offering for Canara Robeco, making it less lucrative to offer, Faber said.

 

The fund house does not see first-mover advantage in the International Financial Services Centre at GIFT City, Chief Financial Officer Ashwin Purohit said. The scale of the issuances so far have been small and far between, suggesting that the opportunity to grow funds focused on GIFT City investment are limited, he said. Tata Asset Management Co. Ltd. and Mirae Asset Investment Managers, with Japanese parentage, have launched new fund offers through their GIFT City branches this year. Purohit said Canara Robeco would continue to target international opportunities through its scheme offers and branches within India. 

 

Canara Robeco AMC is majority owned by Canara Bank, which is offloading some of its 51% stake in the IPO. The two promoters in the joint venture are looking to raise INR 13.5 billion through the offer for sale. Shares of the state-owned lender ended up 0.7% at INR 126.76 on the National Stock Exchange.  End

 

Reported by Aaryan Khanna

Edited by Vandana Hingorani

 

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