Japan's Nomura is set to take a 35 percent stake in LIC Mutual Fund, the Business Standard reported on Wednesday, citing sources.
The board of the mutual funds parent, state-owned Life Insurance Corp (LIC), has already approved to induct Nomura as a strategic partner and has formed a four-member committee to decide the valuations and conditions, the newspaper said,
"We are in the middle of the process. Therefore we cannot give you a time line," LIC's managing director, Thomas Mathew, was quoted as saying in the paper.
LIC Mutual Fund is expected to be valued at about 15 billion rupees ($320 million) or 6 percent of its assets under management, the paper said, citing an unnamed industry expert.
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