ICICI Prudential Mutual Fund has introduced the ICICI Prudential Conglomerate Fund, an open-ended equity scheme that aims to capitalize on opportunities within India’s largest promoter-led business groups. The New Fund Offer (NFO) began on October 3, 2025, and will close on October 17, 2025. This fund focuses on Indian conglomerates, which are business groups with at least two listed companies across various sectors. These conglomerates are seen as resilient structures capable of navigating global volatility and capturing long-term growth opportunities.
According to Sankaran Naren, Executive Director and CIO of ICICI Prudential AMC, India’s leading business groups have demonstrated a remarkable ability to reinvent themselves across decades, making them an attractive investment opportunity. The fund’s investment strategy will involve investing in an investment universe of 71 conglomerate groups, comprising around 240 companies across sectors. The portfolio will combine structural growth stories with cyclical opportunities, providing investors with a chance to participate in India’s long-term corporate evolution.
The scheme will be managed by Lalit Kumar and benchmarked against the BSE Select Business Groups Index. The minimum application amount during the NFO period is Rs 1,000. ICICI Prudential’s new offering enters a growing thematic category, with at least one peer fund, Aditya Birla Sun Life Conglomerate Fund, already operational. The Aditya Birla Sun Life Conglomerate Fund has delivered 5.39% returns since its inception, modestly outperforming its benchmark BSE 500 TRI.
The ICICI Prudential Conglomerate Fund offers investors exposure to India’s largest business houses across sectors, combining stability with growth potential. However, industry experts caution that conglomerate-focused funds carry concentration risk, making them more suited for long-term, high-risk investors willing to ride out market cycles. Investors should evaluate their risk appetite and consider this as part of a diversified portfolio.
The success of this fund will depend on execution and the performance of India’s conglomerates in navigating both domestic opportunities and global headwinds. With the ICICI Prudential Conglomerate Fund, ICICI Prudential AMC is offering investors an opportunity to participate in India’s most powerful business groups, which continue to drive corporate India’s growth story. The fund aims to provide both stability and long-term wealth creation potential, making it an attractive option for investors looking to invest in India’s conglomerates.