HDFC Asset Management Co (HDFC AMC) has informed that it has made an investment worth US$ 55 million in Ansal Hi-Tech Townships, a subsidiary of the New Delhi-based property developer, Ansal Properties & Infrastructure (API), for a minority stake in the project.

Ansal Hi-Tech Townships, a special purpose vehicle (SPV), is building a 2,500- acre modern township with a developable area of 75 million sq ft in Greater Noida in the National Capital Region.

Presently, the project is in the land acquisition stage and is expected to be completed in the next 6-7 years. Ansal is expecting a turnover of Rs 26,000 crore from the project and expects to invest over Rs 12,000 crore in the project.

Further, Ansal group has also signed a shareholder and debenture subscription agreement with HDFC AMC.

HDFC Mutual Fund has been one of the best performing funds in recent years. The sponsors of the fund are housing finance major HDFC AMC and British investment company Standard Life Investments.

As of March 2008, the total assets under management stood at Rs 62,747 crores, as compared to Rs. 36,421 crores in the previous year.