Leather Exports-Shift to High Value Items

tion by about 25 per cent) are to be invested by UTI through a special class of units in a scheme created by UTI exclusively for the Fund (India Fund Unit Scheme 1986) in a diversified portfolio of securities. It is expected that under current market conditions the portfolio will emphasise the fertilisers, chemicals, pharmaceuticals, synthetic fibres, electronics, telecommunications and computer industries. An 'advisory board' including representatives of Indian financial institutions and industries, major international institutional investors, Merrill Lynch (which is managing the Issue) and UTI has been set up to give advice and make recommendations to UTI but purely as an advisory board. It will not have the power to give directions to UTI, nor will it be responsible for the investment of the UTI Scheme portfolio.