The $140 billion Asian investment management arm of Prudential is offering European investors exposure to what it views as promising companies in India.

Eastspring Investments has launched an Indian equities fund advised by its Mumbai-headquartered affiliate, ICICI.

The Eastspring Investments – India Discovery Fund is a sub-fund of Eastspring Investments, a Luxembourg-based umbrella UCITS vehicle. The launch comes as a result of growing investor interest in the Indian economy, the firm said.

The fund’s strategy will mirror the existing ICICI Prudential Value Discovery strategy and leverage ICICI’s on-the-ground research capabilities. The fund aims to invest in undervalued, out-of-favour companies with high potential.

“India’s growth is expected to outpace the rest of the world’s major economies over the next few years. This will likely be supported by improved macroeconomic fundamentals, lower interest rates and longer-term reforms - there is thus an immense scope for successful investment there,” said Anand Gupta, portfolio manager at Eastspring Investments.

“Our team, which benefits from a compelling mix of expertise and a strong Indian footprint, is uniquely placed to help investors take full advantage of the Indian equity opportunity in this promising context.”