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Groww MF has launched Groww Nifty EV & New Age Automotive ETF and Groww Nifty EV & New Age Automotive ETF FoF. The underlying index will be Nifty EV & New Age Automotive Index – TRI.
Groww MF feels that the focus of the Indian government on the development of the EV industry and the doubling of sales of EV vehicles in 2023 will benefit the sector. The fund house also saw the government’s target to have 30% of vehicles as electric by 2030 and its allocation of Rs. 18,000 crore for EV battery production as a positive sign for the future of the EV industry.
Varun Gupta, CEO, Groww MF said, “By investing in these funds, investors can seek to gain exposure to a diverse portfolio of companies driving innovation in electric vehicles, battery technology, charging infrastructure, and other critical areas of the EV ecosystem.”
The minimum investment amount for lumpsum investment in both schemes is Rs. 500.
