LIC Mutual Fund Launches New Manufacturing Fund Targeting Rs 60,000 Crore AUM This Fiscal

LIC Mutual Fund has introduced a new Manufacturing Fund, an open-ended equity scheme aiming for an asset under management of Rs 60,000 crore this fiscal. The scheme focuses on companies within the manufacturing sector and will remain open for subscription until October 4, with unit allotment on October 11. Future SIP options aim to be even more accessible to low-income investors.

LIC Mutual Fund has launched a new Manufacturing Fund, an open-ended equity scheme, aiming to achieve an asset under management of Rs 60,000 crore for this fiscal year.

The New Fund Offer (NFO) will be available for subscription until October 4, with units under the scheme set to be allotted on October 11. The scheme is benchmarked to the Nifty India Manufacturing Index (Total Return Index).

The objective is to provide a diversified portfolio in the manufacturing sector, covering industries such as automobiles, pharmaceuticals, and heavy engineering. ''Our goal is to create wealth for investors,'' said R K Jha, Managing Director and CEO of LIC Mutual Fund. Jha also mentioned future plans including reduced SIP options for low-income investors.

(With inputs from agencies.)