ICICI Prudential MF to float energy-focussed fund; NFO to open on July 2

MUMBAI: ICICI Prudential Mutual Fund is set to float its new scheme focusing on the energy sector on Tuesday, a move that will provide investment opportunities in this space.

The energy theme involves a wide range of industries, including oil & gas, bio energy value chain, and lubricants, among others.

The new fund offer (NFO) of ICICI Prudential Energy Opportunities Fund will open on July 2 and conclude on July 16, the MF house said.

“With the ongoing transition towards renewable energy and the government’s focus on achieving net-zero emissions, the energy theme offers significant growth potential. Through this scheme, investors can gain access to a diversified portfolio of companies across the energy value chain,” ICICI Prudential MF CIO Sankaran Naren said.

The open-ended scheme aims to generate long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies engaged in traditional and new energy industries as well as allied businesses.