According to LIC top company official, Life Insurance Corp of India (LIC) and its associates will hold a majority stake in the real estate venture capital fund to be floated by LIC Housing Finance Ltd.
“The majority stake will be with the LIC group. However, the actual percentage and other details as to the joint venture partner are yet to be decided,” LIC Housing director and chief executive R.R. Nair said.
Some facts:
- The venture capital fund’s initial corpus size is expected to be around Rs.500 crore.
- The new company’s name will depend on the partner chosen for the venture.
- The real estate fund will invest in companies operating in the field such as developers and construction companies.
- LIC is the second largest real estate owner in the country after the Indian Railways.