ICICI Prudential Mutual Fund today launched ICICI Prudential Bharat Consumption Fund- Series 1, a ~3.5 year close-ended equity scheme, a press release from the fund house stated.
Subscription to the scheme will remain open until April 5.
The scheme aims to provide capital appreciation by investing in well-diversified portfolio of stocks that could benefit from growth in consumption and related activities.
The scheme will invest in businesses which include Consumer Non-Durable, Consumer Durable, Auto, Healthcare Services, etc.
This scheme will be managed by Sankaran Naren and Atul Patel.
Speaking on the launch, Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company said, "With significant rise in consumer spending in sectors like consumer durable and non-durable, auto and healthcare services, coupled with government’s focus on reforms; India has positioned itself as one of the fastest rising consumer markets. Through this Scheme investors can benefit from the increase in consumer spending owing to large proportion of working age population over 50 percent."
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