UTI Mutual Fund launches equity scheme

Chennai, Nov 12: UTI Mutual Fund today launched a new scheme UTI Infrastructure Advantage Fund-Series I, a three-year close-ended equity scheme.

The new fund offer would close on December 19, UTI Country Head K Madhava Kumar and UTI Fund Manager V Srivatsa told reporters here.

The new scheme was launched with an investment objective to provide income distribution and medium to long term capital appreciation by investing predominantly in equity and equity related instruments in the companies engaged either directly or indirectly in the infrastructure growth of the Indian economy.

Mr Madhava Kumar said investment in infrastructure had gained momentum over the last few years and the Union Government had started major initiatives and was also planning to open up infrastructure development to private sector to further hasten the growth.

''To enable investors to capitalise on this boom, UTI Mutual Fund has come out with this new scheme,'' he added.

Mr Srivatsa said the scheme would invest in various sectors, including Construction, Energy, Engineering, Metals, Power, Telecom, Transportation and Airports.

The scheme was open to resident individuals, institutions and also to NRIs and FIIs.

UNI