Indiabulls MF plans scheme focused on 'Make in India' drive

Open-ended equity scheme will invest in mfg and renewable energy, which are expected to benefit from Centre's Make in India initiative

Indiabulls Mutual Fund has approached markets regulator Sebi to launch a scheme, which will invest in sectors including manufacturing and renewable energy that are expected to benefit from the Centre's Make in India initiative.

Prior to Indiabulls Mutual Fund, several fund houses including ICICI Prudential MF, Pramerica MF and Birla Sun Life MF have filed draft papers with Sebi to launch schemes focused on the initiative.

Apart from these, a number of fund houses are expected to come up with new schemes that will invest in manufacturing companies, industry experts said.

Indiabulls MF, which has filed offer documents with Sebi, plans to launch an open ended equity scheme Indiabulls Make in India- Target Return Fund.

The scheme is aimed at investment in equity and equity-related securities that are likely to benefit from the government's 'Make in India' drive.

"The scheme aims to invest in companies that manufacture goods and that have/will have manufacturing facilities. The scheme also aims to invest in such companies that are currently taking initiatives to invest in new production or manufacturing facilities," as per the draft documents.

Several sectors listed under 'Make in India' initiative include manufacturing, roads and highways, ports, renewable energy and railways.

Prime Minister Narendra Modi in September last year had launched the 'Make In India' campaign, in a move to revive the job-creating manufacturing sector.