SBI undecided on UTI MF buyout

State Bank of India (SBI), was yet to firm up its plans on taking over UTI Asset Management Company, the largest mutual fund player in India.

A senior Mumbai-based official of SBI told "there were no such plans as of now".

The official said that since SBI had its own asset management company, it would have to be decided on whether the bank would go for acquisition of another mutual fund company.

After restructuring of UTI, the newly-formed UTI asset management had been sponsored by LIC, SBI, PNB and BoB, each holding 25% in the mutual fund outfit, which manages assets worth more than Rs 21,000 crore.

The government was in favour of one of the sponsors taking over the mutual fund operations.

Asked whether it was on the immediate agenda of SBI, the official said that nothing was planned at the moment.

Meanwhile, another sponsor, PNB, may be interested in buying out the stake of the other three sponsors in UTI asset management company.