Nomura Asset Management Co, the fund management unit of Japan’s Nomura Holdings, said it has agreed to invest in an asset management unit of Life Insurance Corp.
Nomura Asset will work with LIC Mutual Fund on the asset management business in India, said Riyo Azechi, a Nomura Asset spokeswoman.
In Mumbai, Thomas Mathew managing director, LIC, told DNA Money, “We have only signed a memorandum of understanding. We will have to discuss the details after due diligence. Negotiations will start now and the process will start to see how we can co-ordinate.”
Sushobhan Sarker, CEO, LIC MF, said he could not comment on whether it will lead to a stake sale. “It’s an MoU exploring common areas for both companies. We will take the call only after sometime,” he added.
Nomura Asset will work with LIC Mutual Fund on the asset management business in India, said Riyo Azechi, a Nomura Asset spokeswoman.
In Mumbai, Thomas Mathew managing director, LIC, told DNA Money, “We have only signed a memorandum of understanding. We will have to discuss the details after due diligence. Negotiations will start now and the process will start to see how we can co-ordinate.”
Sushobhan Sarker, CEO, LIC MF, said he could not comment on whether it will lead to a stake sale. “It’s an MoU exploring common areas for both companies. We will take the call only after sometime,” he added.
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