CCI Approves LIC Mutual Fund’s Acquisition Of Management Rights Over IDBI MF Schemes

The competition regulator Competition Commission of India (CCI) on Wednesday approved the proposed combination involving LIC Mutual Fund’s acquisition of the management rights over the schemes of IDBI MF from IDBI Asset Management Limited.

The proposed combination includes LIC AMC’s acquisition of the rights to manage and administer the schemes of IDBI Mutual Fund from IDBI Asset Management Limited (IDBI AMC). It also entails LIC Mutual Fund Trustee Private Limited’s (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Limited (IDBI TC).

Under this process, the schemes of IDBI MF will form part of LIC Mutual Fund (LIC MF) 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.

Apart from lump sum consideration, IDBI AMC will also acquire certain non-controlling shareholding in LIC AMC.