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Platinum wins new client Nomura, Amarchand advises LIC on JV

Amarchand Mangaldas and Platinum Partners in Mumbai are advising on the Rs 308 crore ($64m) acquisition of a 35 per cent stake in Life Insurance Corporation of India's (LIC) asset management arm by Nomura, which marks Platinum's first instruction for the Japanese bank.

Amarchand Mumbai corporate partner S H Bhojani, associates Vinayak Burman and associate Manu Varkesh led the advice for LIC Mutual Fund Asset Management Company, which is a part of the Life Insurance Corporation of India (LIC Group).

Amarchand has a long-standing relationship with the LIC Group.

Platinum Mumbai partner Nihar Mody has led the team for Nomura Asset Management Strategic Invesments, which is a subsidiary of Japan's Nomura Holdings.

It is understood that this is the first time that Platinum has acted for the bank.

The firm declined to comment on the transaction and the background to its instruction.

Nomura is a close client of Freshfields Bruckhaus Deringer, which acted for the bank when it acquired Lehman Brothers' Asian investment banking assets after the US bank's collapse last September.

The deal between between LIC and Nomura values LIC Mutual Fund Asset Management Company at Rs 800 crore and involves a secondary market sale of LIC's shares as well as a new issue.

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