Japan's Nomura Group is likley to acquire a stake of 35 per cent in LIC Mutual Fund, after getting the nod from the board of directors of Life Insurance Corporation (LIC) to induct the Japanese financial services major as a strategic partner in the mutual fund business, a in the state-owned life insurer said.
The insurance company has formed a committee consisting of four members headed by LIC Chairman TS Vijayan to decide the valuation of LIC Mutual Fund.
The other members are Exim Bank Chairman T C Venkat Subramanian and GIC Chairman Yogesh Lohiya.
The committee will also look into the aspect of the terms and conditions of inducting Nomura Holdings.
LIC Mutual Fund had assets under management (AUM) of Rs 24,104 crore over 32 schemes as of April 2009.
The insurance company has formed a committee consisting of four members headed by LIC Chairman TS Vijayan to decide the valuation of LIC Mutual Fund.
The other members are Exim Bank Chairman T C Venkat Subramanian and GIC Chairman Yogesh Lohiya.
The committee will also look into the aspect of the terms and conditions of inducting Nomura Holdings.
LIC Mutual Fund had assets under management (AUM) of Rs 24,104 crore over 32 schemes as of April 2009.
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