UTI schemes to be open-ended

Unit Trust of India (UTI) has embarked upon a two-pronged strategy to make the US-64 scheme more attractive. First, the scheme’s corpus is being rebuilt to achieve a certain amount of stability on the asset side and second, the scheme’s portfolio is being recast to have a larger share of the debt instruments than at present, according to Mr. P. J. Nayak, Executive Trustee of UTI. Mr. Nayak said UTI also proposed to convert all close-ended schemes into open-ended ones gradually. UTI would like to start the process with the Grandmaster scheme, for which it sought permission from SEBI.

Ban on acquisition of large aircraft may go

In a major policy decision on the domestic civil aviation sector, the Minister for Civil Aviation, Mr. C. M. Ibrahim, has initiated steps to lift the ban imposed on the acquisition of large aircraft by any new private airline in the country. In-principle clearance was given after an in-depth discussion on the subject on Wednesday between the Minister and the Cabinet Secretary, Mr. Surendra Singh, the Civil Aviation Secretary, Mr. Yogesh Chandra, the Industry Secretary, Mr. N. Mohanty, and the Finance Secretary, Mr. Montek Singh Ahluwalia.

Hindujas seek PM’s intervention for Vizag project

The Hindujas have run into major roadblocks in the implementation of their 1,040 MW coal-based thermal power project at Visakhapatnam in Andhra Pradesh and have sought the intervention of the Prime Minister, Mr. H. D. Deve Gowda, for expediting the clearance process and sorting out the infrastructure bottlenecks. The Hindujas want an assurance from Mr. Gowda that all the hurdles affecting the project’s implementation will be cleared.

Related Topics
comment COMMENT NOW