NEW YORK J.P. Morgan & Co. and the Industrial Credit and Investment Corporation of India Ltd., known as ICICI, said they have agreed to form a joint venture to provide investment management in India.

Pending regulatory approvals, J.P. Morgan would take a 40% equity stake in ICICI Asset Management Company Ltd., Bombay firm formed by ICICI in June 1993, which will develop, manage, and market mutual funds to-individuals in India.

In December 1992, the same two companies formed an investment banking joint venture, ICICI Securities and Finance Company Ltd. ICICI was founded in 1955 with World-Bank sponsorship and has $4.75 billion of assets.

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