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Nippon Life India AMC has made a debut in the GIFT International Financial Services Centres Authority (IFSCA) with the launch of Nippon India Large Cap Fund GIFT.
This is a feeder fund, which will invest in in the units of Nippon India Large Cap Fund, a 17-year-old fund that currently manages over Rs.35,000 crore in AUM.
In a press release, Sundeep Sikka, ED and CEO, Nippon Life India AMC said, “We are excited to introduce our 1st fund out of GIFT City Nippon India Large Cap Fund GIFT, marking a significant milestone for us. This feeder fund offers global investors access to our flagship Nippon India Large Cap Fund’s proven 17-year track record. In a dynamic market, India presents a compelling long-term investment opportunity and GIFT City is an ideal platform to expand our international presence. This fund aims to cater global investors, providing seamless exposure to India’s equity market.”
Products and services offered in GIFT City are exempted from domestic laws; instead, GIFT City follows international practices. Simply put, investors need not pay any tax in India; however, they will have to pay taxes in their respective geographies.
Investors will have to invest a minimum of USD 1.50 lakh or Rs.1.25 crore (in today’s term). Moreover, investors have an option to invest in tranches of six months or 1 year.
