Ahmedabad, Nov 16 (UNI) UTI Mutual Fund announced the launch of a new scheme 'UTI-Infrastructure Advantage Fund-Series I' here today which closes on December 19.
Addressing mediapersons, UTI-AMC Fund Manager Gautami Desai said that the scheme is a three-year close-ended equity scheme with an investment objective in equity/equity related instruments of companies engaged either directly or indirectly in the infrastructure growth of the Indian economy.
The scheme aims to build and maintain a diversified portfolio of equity stocks within the infrastructure theme that can appreciate in the long run, Ms Desai said and added that the scheme will invest in sectors that include construction, energy, engineering, metals, power, telecom, transportation, airports, and others.
Ms Desai said that the minimum investment is Rs 5,000 and in multiples of Re 1 thereof, without any upper limit. Redemption is possible only after six months from the closure of the New Fund Offer and thereafter on an ongoing basis at NAV-based prices on every business day.
Speaking on the occasion, UTI-AMC PSU Clients Head N Narayanan said, ''Infrastructure sector plays an important role in the country's development and GDP growth. The importance of infrastructure for India's sustained economic development is well recognised today. Investment in infrastructure has gained momentum in the last few years and is experiencing a rapid growth across different sub-sectors.'' UNI