Tata Mutual has launched an infrastructure fund for investors keen on keeping pace with the huge growth in the infrastructure sector in India.

With a massive investment of Rs 700,000 crore (Rs 7,000 billion) being planned for infrastructure development in the country in the next 4 to 5 years, there will be tremendous potential growth for companies in infrastructure related sectors like power, telecom, steel, oil and gas, and cement, as a result of this spending.

Tata Mutual plans to cash in on this accelerating growth in the infrastructure sector.

The initial public offer for the Tata Infrastructure Fund will be open till December 22, 2004.

Investors can subscribe to the units of Tata Infrastructure Fund at a face value of Rs 10 along with applicable loads, during the IPO period, till December 22.

There are two options for investment -- the dividend option and the growth option. The minimum application for both options is 5,000 and in multiples of Re 1 for each application.

Tata Mutual is a part of the Tata Group, which has several infrastructure projects in like steel, power, telecom, aviation and transportation sector in India.