Postal dept launches new fund offer for Andaman

Port Blair, Nov 21 (UNI) The Andaman and Nicobar Postal department has launched a new fund offer as part of its efforts to bring better financial opportunities for the residents of the islands.

Director of Postal Services in Andaman Madhumita Das told UNI today, ''The department has introduced a new fund offer of the UTI Infrastructure Advantage Fund Series I at the unit price of Rs 10.

It is a three year close-ended equity scheme with the aim of investing in companies engaged either directly or indirectly in the infrastructure growth of the Indian economy, mainly concentrating on sectors like construction, energy, engineering, metals, power, telecom, transportation and airports.'' She said the scheme was open to resident individuals, institutions as well as NRIs and FIIs.

''First time investors not having PAN cards will be given the facility of applying for PAN cards free of cost during the NFO period,'' the director added.

A similar fund from the UTI's stable - the Infrastructure fund - launched in 2004, had given consistent good returns and achieved a compounded annualised growth rate of more than 85 per cent in the past one year, Ms Das said.

UNI