Reliance Capital Asset Management, a part of Reliance Capital, today said its open-ended equity growth scheme, Reliance Growth Fund, has achieved a net asset value (NAV) of Rs 500.
According to the company, this is the first fund in the industry to achieve this NAV level. The fund was launched 17 years ago.
"We are delighted to announce the landmark performance of the Reliance Growth Fund. Our objective is to adhere to disciplined investment processes that aim to deliver consistent long-term investment performance through highly researched and analytical evaluations," its chief executive Sundeep Sikka said.
The company's head of equities Sunil Singhania said, "It is very gratifying to reach this momentous NAV of Rs 500, where investors' money has multiplied 50 times over a 17-year period".
Reliance Capital AMC manages around Rs 1.4 lakh crore in assets across mutual funds, government and government-sponsored public funds, managed accounts as well as hedge funds.