ICICI Prudential plants 50,000 saplings on behalf of investors

Mumbai: ICICI Prudential, nation's largest Asset Management Company (AMC), has decided to take up the cause of ESG fund further on behalf of its investors. The company has contributed to planting over 50,000 saplings, equivalent to the number of investors that opted for investing in ICICI Prudential ESG Fund during the New Fund Offer period. This is first of its kind initiative in the mutual fund industry.

The New Fund offer had received an encouraging response with over 50,000 applications cumulatively worth Rs 1,457 crore. Under this initiative, ICICI Prudential AMC in association with ICICI Foundation and GROW-TREES, planted saplings at Nainital, Uttarakhand. GROW-TREES is a social enterprise which is the also official partner of the United Nations Environment Program's Billion Tree Campaign.

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."

Post the plantation, the investors have been provided with a certificate issued by GROW-TREES. Each certificate bears a distinct eTreeCertificate number with a geo-tagged location of plantation, thereby allowing investors to locate and track the progress of the sapling planted.

The saplings planted through this initiative are largely indigenous in nature such that the biodiversity is maintained. The efforts have been carried out with an aim to helping restore forests, improving wildlife habitats, supporting rural livelihoods etc. These activities are environment friendly and make the investors socially responsible, which ties with the theme of ESG.