Uti, Maharashtra Govt To Divest 26% In Sicom

The Unit Trust of India (UTI) and the Maharashtra government, which hold 40 per cent and 49 per cent of the equity in Sicom, respectively, have agreed to collectively divest 26 per cent to facilitate the entry of a bank as a strategic partner.

This is being done to provide a thrust to the advisory and consultancy services provided by Sicom.

Sicom chairman R D Pradhan said: "Both UTI and the Maharashtra government have agreed to divest equity amounting to 26 per cent. It is still early to announce what their respective divestment percentage will be. We are keen to rope in a bank as a strategic partner in Sicom."

 

KPMG has been assigned the task of finding the strategic banking partner for Sicom.

Pradhan admitted that Sicom