DSP Merrill Lynch Mutual Fund on Monday launched three new schemes and targets to raise Rs 750 crore (Rs 7.50 billion) through the initial public offering for these schemes.

The new schemes launched are the infrastructure growth and economic reform fund (TIGERS), aggressive and conservative plans under the savings plus scheme.

The mutual fund also targets to grow base of assets under management to Rs 10,000 crore (Rs 100 billion) by the end of 2004 from the current level of Rs 5,740 crore (Rs 57.40 billion), DSPMF president Alok Vajpeyi told reporters in Mumbai.

The schemes would remain open for subscription from April 27 to May 20, 2004.

"We expect to raise Rs 250 crore (Rs 2.50 billion) from the TIGERS, a diversified equity fund, and Rs 500 crore (Rs 5 billion) from the two variants of the savings plus plan," he added.

TIGERS fund would focus on the companies and sectors that could benefit from the ongoing process of economic reforms and development in the infrastructure, he said.

The economy and capital markets are at inflection point and "we expect substantial jump in the gross domestic product and market capitalisation in the next few years," he added.

The savings plus fund -- aggressive plan -- would invest 30 per cent of corpus in equity and maintain majority of assets in quality debt securities, Vajpeyi said, adding the conservative plan of the same scheme would invest up to 10 per cent of corpus into equity.

On the growth in the size of AUMs, he said: "We would only grow corpus through organic route and currently do not have plans to look for acquisitions."