Mumbai, Oct 4: To enable investors to capture the growth potential of a broad based energy sector, UTI Mutual Fund today announced the launch of UTI Energy Fund.
UTI Mutual Fund has widened the investment objective of its existing UTI-GSF-Petro and renamed it as UTI Energy Fund with effect from tommorrow, a press release issued here today said.
The investment objective of UTI-GSF-Petro was to invest in petro sector companies which constitute only a part of the overall energy sector, while UTI Energy Fund will cover the entire Energy Sector to capitalise on the emerging opportunities across the sector.
In addition to investing in stocks in the oil and gas sector covering companies engaged in drilling, exploration, refining of crude oil and distribution, UTI Energy Fund will also invest in power generation companies (power generation, transmission, distribution and power trading and companies involved in consulting and financing these businesses), energy storage and distribution companies as well as equipment manufacturers for the energy sector, the release added.
Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI Asset Management Company (AMC) said, ''Energy powers the economic growth of any nation. Availability of energy with required quality of supply is the key to sustainable development. In recent times, India has been witnessing a huge growth in energy demand in line with the unprecendented boom across sectors. UTI Energy Fund offers an opportunity to investors to ride on this energy demand and grow their investment.'' Ms Gautami Desai, Fund Manager of the scheme said, ''UTI Energy Fund is poised to capture the investment opportunities of India's energy sector. The scheme will invest in a spectrum of sub-sectors/companies which form a part of the energy sector.''