UTI Asset Management Company and LIC Mutual Fund Asset Management Company will bid for management of the country's largest pension scheme. LIC Mutual Fund, the asset management unit of Life Insurance Corp (LIC), India's biggest insurer, will also bid to manage the fund, which has a corpus of more than 1.56 trillion rupees.
The government-run Employees' Provident Fund Organisation (EPFO) has invited bids from asset managers to manage its flagship scheme by 30 April. The funds are allowed to invest only in bonds sold by the central and state government and not in equities.
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