India's Sundaram Asset Management Company is looking to expand into Singapore this year, media reports say.

In a briefing with the local Indian press, TP Raman, managing director of Sundaram said that the company has secured the Securities and Exchange Board of India's approval to apply for a permit to operate in Singapore. He also said that the firm intends to grow this operation to Rs3,000 crore (approximately $671 million) within three years from opening.

The Singapore business will channel investments into mutual fund schemes, most of which will come from corporate clients and high net worth individuals. The intention to build a name in Singapore was brought up following the launch of a new open-ended investment vehicle called Sundaram Equity Plus. It is said that 65 to 80 per cent of the fund will be invested in large cap stocks, while the balance will comprise gold exchange-traded funds.

The scheme opened for subscription in 4 May and will close on 16 May.