Axis AMC-Inversion Group to set up Rs.3,500-Cr turnaround fund

Axis Asset Management Company and Inversion Advisory Services (promoted by telecommunications veteran Akhil Gupta) are to raise INR 3,500 crore Alternative Investment Fund ( AIF) that will seek to acquire controlling stakes primarily in stressed assets. Axis AMC will be the Investment Manager of the fund. Inversion would provide management support to acquired companies.