Patna, Nov 20 (UNI) 'UTI Mutual Fund', one of the largeast players in the country, here today launched the UTI-Infrstructure Advantage Fund(Series-I) to capture the rapidly growing mutual fund market in this Eastern state.
Speaking to newsmen after the formal launch, senior vice-president UTI-AMC S Ganesh said the New Fund, opened on November 12 and continue till December 19, was being offered to public at the face value of Rs ten per unit with the minimum investment for resident individuals remaining to the tune of Rs 5,000.
Further elaborating, he said the Advantage Fund was a three-year close-ended Scheme with an investment objective of providing income distribution and medium to long term capital appreciation by investing predominantly in equity or equity-related instruments in companies engaged directly or indirectly in infrastructure sectors.
'' Infrastructure sector now plays an important and vibrant role in the Indian economy besides making significant contributions towards achieving 8.5 per cent GDP growth,'' Mr Ganesh said adding that substantial investment in infrastructure sectors had gained momentum during the last few years besides pushing forward similar growth in different sub sectors. 'To capitalise on this boom UTI Mutual Fund has launced the new fund',he said.
Also speaking on the occasion Senior Vice-President and Fund Manager UTI AMC Kaushik Basu said the scheme was also aimed at building a diversified portfolio of equity stocks within infrstructure related companies having large potential to appreciate in the long run. Among the major sectors the fund would be invested were Construction, Energy, Engineering, Metals, Power, Telecom, Transportation and Airports.
The scheme was open to resident individuals,institutions as well as to NRIs and the FIIs, Mr Basu said replying to a query.