Mutual funds major UTI AMC is now reportedly scouting for a strategic partner after deferring indefinitely its plans for an IPO in the face of bearish market conditions.

Reports quoting UTI AMC's Chief Marketing Officer, Jaideep Bhattacharya said, the company will be roping in a strategic partner by diluting up to 26% stake and is in discussions with a few parties for the same. However the names of strategic partners were not disclosed.

UTI AMC's four promoters -- State Bank of India, LIC, Punjab National Bank and Bank of Baroda -- will each divest 6.5% of their holdings.

UTI AMC clocked a profit of Rs 143 crore in FY 08, the highest in the country's mutual funds industry. Its Assets Under Management (AUM) as at end-December 2008 stood at Rs 42,548 crore.

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