Fidelity's International Limited's Indian arm, Fidelity Fund Management Private Limited, is readying to launch its first fund in India, several Indian newspapers have reported, including the Economic Times.

According to the papers, the FFMPL officials announced the launch of the Fidelity Equity Fund on Tuesday.

Arun Mehra will manage the fund, targeting approximately 75 domestic stocks for the portfolio.

Ashu Suyash, head of business at Fidelity Fund Management PL, also noted that the fund would be the first fund in the country to offer a Systematic Investment Plan from the launch.

"For a number of years India has been a strategically important location for the Fidelity business. We believe that the Indian MF industry presents an exciting opportunity and expect to see significant growth in the years to come," said Richard Wastcoat, managing director of Fidelity Investments International.

Fidelity Fund Management Private Limited is a unit of Fidelity International Limited.  

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