ICICI Prudential Mutual Fund launches ‘ICICI Prudential Manufacture in India Fund’

ICICI Prudential Mutual Fund has launched ‘ICICI Prudential Manufacture in India Fund’, an open-ended equity scheme with an objective to invest in companies which are engaged in manufacturing theme.

The NFO opens today, and closes on October 5.

The scheme aims to capture the increasing contribution of share of manufacturing in India's GDP, which is currently at 18 per cent, that is higher than the narrow range of 14-16 per cent seen over last four decades (data source: CMIE). The scheme will be managed by Anish Tawakley and Mittul Kalawadia.


The scheme will accept minimum application amount of Rs 5,000 (and, in multiple of Re 1 thereafter). The scheme is benchmarked to S&P BSE 500 Index.

“We believe India is poised to emerge as a significant manufacturing hub in order to cater to rising domestic demand. Positive policy announcements by the government and well-designed development programmes in various sectors of manufacturing, is likely to lead to further growth in coming years. This Scheme will broadly look at the manufacturing theme from three aspects namely Exports oriented manufacturing, domestic consumption and domestic capex manufacturing,” says Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company.

Investors can invest in growth and dividend options under the scheme. Exit load is 1 per cent of the applicable NAV, if units are purchased or switched in from another scheme of the fund and redeemed or switched out within 18 months from the date of allotment.