Mumbai: Reliance Mutual Fund has launched India's first Power Sector Fund - 'Reliance Diversified Power Sector Fund'. It's another first from Reliance Mutual Fund, which had in May 2003 launched the first Banking Sector Fund.

The Initial Offer of 'Reliance Diversified Power Sector Fund', which opened on March 29, 2004 will close on April 15, 2004. During the period of the Initial Public Offering (IPO), units will be offered to the investing public at Rs 10 per unit.

Amitabh Chaturvedi, Chief Executive Officer said, "We believe that certain sectors are poised to grow at a rate that's higher than the industry average. Power sector is one such sector, which is going to see a lot of changes for the better. This is one of the main reasons why we are launching the Reliance Diversified Power Sector Fund."

'Reliance Diversified Power Sector Fund' is an open-ended power sector scheme that invests in equity/equity related or fixed income securities of Power and other associated companies to tap into the growth potential of this sector.

The fund will invest in various segments of the Indian power sector like Power Generation, Transmission, Distribution, including retail supply of power, Trading, Financing /Funding power projects, and other related activities with a prudent mix of Equities, Equity related Securities and Debt and Money Market Instruments.