IDFC mutual plans India GDP Growth Fund
MUMBAI, July 4 (Reuters) - India's IDFC Asset Management filed initial papers with the market regulator on Friday to launch an equity fund that will invest in firms representing the constituents of the country's gross domestic product (GDP).
IDFC India GDP Growth Fund will invest at least 65 percent of its assets in agriculture, industry and services sectors, the three components of India's GDP, in proportion to their contribution to the overall GDP Growth, the firm said.
The fund will invest up to 35 percent of the assets in debt and money market instruments, the offer document said. (Reporting by Nishant Kumar; editing by Harish Nambiar)
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