Commenting on the tie-up, Atul Choksey said ``the ANZ group has been associated with trust and reliability over the years. I am therefore happy to tie up with such a well known international institution''. He also explained that the tie-up was in tune with the group's philosophy of continuing to grow in its existing manufacturing business, while targeting service and service-oriented business as a major thrust area. ``Our recent investment in Apcosoft Infoway and the proposed investment in the asset management business in partnership with the ANZ Grindlays group are in line with this philosophy,'' he said.

The proposed AMC will focus on launching a range of mutual fund in India will bepart of ANZ's global fund management plan of establishing fund management activities including pension fund management and distribution of insurance in franchise areas, as and when permitted.

ANZ will be making a fresh investment of $ five million into India for this venture indicating its abiding commitment to the Indian market and its plans to play a major role in coming years.

ANZ Funds Management (ANZFM) is one of Australia's major funds manager with over A$11.5 billion of funds under management. It has teamed up with Frank Russel Company USA to launch "Gateway Funds", which provides customers with a unique choice of "best managed" global funds. In India, ANZFM products offering is expected to revolve around provision of comprehensive investment advice of customers. ANZ Grindlays Bank already provides investment advisory and retails selected third party mutual funds through its branch network quite successfully.

The Choksey group, earlier associated with Asian Paints, recently acquired the pigmentsbusiness of Goodlass Nerolac Paints Ltd. The deal involved payment of royalty of about five per cent on sales for three years besides some upfront fees to Goodlass Paints. The pigment business, having an annual turnover of about Rs 20 crore, is being acquired by Mazda Dye-Chem Ltd of the Choksey group.