Motilal Oswal Asset Management Company (AMC) has announced the launch of Motilal Oswal Nifty India Defence Index Fund.
The open-ended index fund will open on June 13, and close on June 24.
The Nifty India defence index will reflect the performance of defence companies operating in manufacturing and servicing defence projects. Motilal said in its statement that the index comprises 15 companies that also form a part of the Nifty total market.
Defence spend
Prateek Agrawal, MD & CEO, Motilal Oswal AMC, said, “With the Motilal Oswal Nifty India Defence Index Fund, we aim to capitalise on the projected $100 billion to $120 billion expansion in the defence sector over the next six years. As the fourth largest defence spender globally, India’s focus on self-reliance and modernisation offers substantial opportunities for domestic defence companies. This fund is poised to benefit from India’s robust advancements in defence technology and infrastructure.”
Pratik Oswal, Chief of Business Passive Funds, Motilal Oswal AMC, said that the Nifty India Defence TRI Index has outperformed the Nifty 50 TRI four times in the last six calendar years.