CCI clears LIC AMC, IDBI MF schemes deal

NEW DELHI: The Competition Commission of India (CCI) has approved the proposed combination involving LIC Mutual Fund Asset Management Ltd’s (LIC AMC) acquisition of the management rights over the schemes of IDBI MF from IDBI Asset Management Ltd (IDBI AMC).

The proposed combination entails LIC AMC’s acquisition of the rights to manage and administer the schemes of IDBI MF from IDBI AMC, and LIC Mutual Fund Trustee Private Ltd’s (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Ltd (IDBI TC).

The schemes of IDBI MF will form part of LIC Mutual Fund with LIC AMC acting as the asset management company for the schemes of IDBI MF and LIC TC acting as the trustee company of the schemes of IDBI MF, and IDBI AMC will also acquire certain non-controlling shareholding in LIC AMC.