Mississauga, Ont.-based Excel Funds Management Inc. announced Friday that it plans to fold Excel India Growth & Income Fund into Excel India Balanced Fund.

The proposed merger, which is subject to approval from unitholders on both sides, is expected to take place on or about June 23.

Both funds share similar investment objectives and strategies, and will continue to be overseen by Biria Sun Life Asset Management, says Bhim D. Asdhir, president of CEO of Excel Funds, in a statement.

As part of this undertaking, the firm’s statement says, an independent review was conducted to assess whether there was a potential conflict of interest. The committee is said to have ruled that the merger “achieves a fair and reasonable result for the funds.”

A unitholder meeting will be convened on or about June 20.