LIC Mutual Fund has announced the induction of Nomura Asset Management Company as a strategic partner in India. Nomura Asset Management Company will acquire a stake of 35 per cent in LIC Mutual Fund, for Rs 308 crore. Both the parties have signed an agreement on Saturday. LIC will hold a stake of 45 per cent in the mutual fund while LIC Housing Finance 20 per cent and Nomura 35 per cent.
"Nomura has joined LIC Mutual Fund as a strategic partner by taking a 35 per cent stake in LIC Mutual Fund AMC," Life Insurance Corporation of India's Chairman, T S Vijayan, told reporters here.
LIC Housing Finance during last month diluted its holding in LIC Mutual Fund by selling a stake of 19.3 per cent for 137.5-crore to Nomura.
LIC Mutual Fund's other stake holder, GIC Housing Finance has completely diluted its stake of 11.2 per cent in the asset management company at a valuation of Rs 89-crore.
"LIC and Nomura would launch a series of Customer focused products in the Indian market. Probably, we would also be able to collect money from off-shore and finance it," Vijayan said.
"Nomura has joined LIC Mutual Fund as a strategic partner by taking a 35 per cent stake in LIC Mutual Fund AMC," Life Insurance Corporation of India's Chairman, T S Vijayan, told reporters here.
LIC Housing Finance during last month diluted its holding in LIC Mutual Fund by selling a stake of 19.3 per cent for 137.5-crore to Nomura.
LIC Mutual Fund's other stake holder, GIC Housing Finance has completely diluted its stake of 11.2 per cent in the asset management company at a valuation of Rs 89-crore.
"LIC and Nomura would launch a series of Customer focused products in the Indian market. Probably, we would also be able to collect money from off-shore and finance it," Vijayan said.
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