After SBI, LIC also keen on merging UTI Mutual Fund with its arm

It is not only the State Bank of India which is in the race to acquire and merge UTI Mutual Fund with its asset management arm. Life Insurance Corporation of India (LIC) has a similar proposal. Senior LIC officials said they had prepared a proposal for the acquisition and merger about 10 months ago but it could not be completed due to some circumstances at that time. "This proposal is still on the table and it is the finance ministry that has to take a call on whether this can be completed," a senior LIC executive said. LIC is meeting financial services department officials on Thursday. However, officials indicated that it is highly unlikely that an immediate decision would be taken by the ministry on LIC's plan for this acquisition and merger with its mutual fund company, LIC Nomura Mutual Fund.