IL&FS Mutual Fund is eyeing acquisitions and plans to launch six more schemes to increase its assets under management to over Rs 3,000 crore (Rs 30 billion) by the end of this fiscal.

"We are very keen on acquisition, but it should be at the right price and fit into our business strategy. We have identified 1-2 funds," N K Sharma, president, IL&FS Mutual Fund, said in New Delhi on Friday.

He did not name the funds but said, "They are small and passive funds."

This assumes importance in the light of a spate of M&As witnessed in the mutual fund industry in the recent times with Templeton acquiring Pioneer ITI and HDFC taking over Zurich AMC in their attempts to grow bigger.

Although inorganic growth through M&As is part of the agenda of IL&FS, Sharma said, "Our primary strategy is to grow organically. Our corpus should go up by 50 per cent to over Rs 3,000 crore by the end of this fiscal from Rs 2,000 crore (Rs 20 billion) in March 2003."

The mutual fund arm of Infrastructure Leasing and Financial Services Ltd on Thursday launched two schemes -- IL&FS Dynamic Equity Fund and IL&FS Floating Rate Fund.

"We are on an aggressive path of growth through the launch of new schemes and opening more branches," Sharma said, adding the AMC plans to add 14 more branches this fiscal over its existing 16-odd outlets across the country.

IL&FS has six schemes with three on the debt side and three equity-linked. The debt schemes are Bond Fund, Gilt Fund and Liquid Fund, while the equity funds are Index Fund, Growth & Value Fund and eCom Fund.