LIC backed mutual fund arm gets CCI's nod for acquisition of IDBI MF

23 Mar 2023 Evaluate

The Competition Commission of India (CCI) has approved proposed combination involves LIC Mutual Fund Asset Management (LIC AMC) acquiring the rights to manage and administer the schemes of IDBI Mutual Fund (IDBI MF) from IDBI Asset Management (IDBI AMC). It has also given the nod for LIC Mutual Fund Trustee’s (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company.

Post transaction, the schemes of IDBI MF will form part of LIC MF with LIC AMC acting as the asset management company for the schemes of IDBI MF. LIC TC will act as the trustee company of the schemes of IDBI MF. Apart from lump sum consideration, IDBI AMC will also acquire certain non-controlling shareholding in LIC AMC.

Life Insurance Corporation of India (LIC) is the sponsor of LIC Mutual Fund (LIC MF) and the parent entity of LIC AMC and LIC TC.

Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and investment company.

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