``We would explore the possibility of launching a money market mutual fund (MMMF) also'', he informed. Srinivasan said that the company is eagerly awaiting the forthcoming budget, which he felt would relax norms for foreign participation in the insurance sector. ICICI has a memorandum of understanding with Prudential UK, which is the largest life insurance company in the world and also one of the largest institutional investor in the United Kingdom, to explore the Indian life and health insurance sectors. The company has not yet ventured into insurance asthe present laws, by and large, bar foreign companies from this sector in India.

Prudential holds a stake of 55 per cent in the joint venture, while the remaining 45 per cent is held by ICICI. The AMC has a net worth of Rs 65 crore. The joint venture between the two financial giants was formalised in February 1998. The much-publicised ceremony of the presentation of a replica of the Prudential cricket world cup to the Board of Cricket Control in India (BCCI) on Saturday marked the official launch of the AMC and thus Prudential's Asset Management activities in india.