FUND VIEW-Aegon Religare favours Indian power sector stx

* Bets on firms with good governance, execution records

* Sees India's demographics lifting consumers, financials

* Wary of global recovery, underweight in IT, realty

By Nishant Kumar

MUMBAI, Nov 27 (Reuters) - India's power sector stocks have surged in 2009 but are still a good bet from a three-year perspective as the country adds generation capacities to plug its large power deficit, a top investment strategist said.

The key is to pick firms which can arrange funds, have sound governance and proven execution track record, said Saibal Ghosh, chief investment officer of Aegon Religare Life Insurance Co.

He has parked a fifth of his fund's assets in infrastructure firms, with an overweight stance on power sector stocks.

"That is the way to play the India story at this point of time," Ghosh told Reuters in an interview.

"It's a supply constraint economy and supply has to ramp up with demand over time through de-bottlenecking of the infrastructure," he said.