ICICI Prudential AMC to plant 50,000 tree saplings on behalf of its ESG fund investors

ICICI Prudential AMC on Friday said that it contributed to plant over 50,000 saplings. This is equivalent to the number of investors who opted for investing in its ICICI Prudential ESG Fund during the New Fund Offer (NFO). The company also said that it will continue to plant a sapling on behalf of every new investor who invests in the fund. "This is a first of its kind initiative in the mutual fund industry," the company said in a statement.

The New Fund Offer had received over 50,000 applications cumulatively worth Rs 1,457 crore.Since its inception on October 09, 2020, ICICI Prudential ESG Fund has delivered 17.88% returns.

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The AMC has partnered with ICICI Foundation and GROW-TREES, a social enterprise. The saplings will be planted in Nainital, Uttarakhand.

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Nimesh Shah, MD & CEO, ICICI Prudential AMC, said, “Through the initiative of planting a sapling on behalf of our investors, we aim to participate in improving the green cover of our country and supporting rural livelihood.”