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LIC Housing forays into project funding

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LIC Housing Finance, the mortgage limb of Life Insurance Corporation of India (LIC) is ready to raid into the project capital ground and planning to launch Rs. 500 Crores realty fund by the end of Financial Year. LIC Housing Finance is supposedly investigating for a banking associate for increasing capital and will shortly come to the SEBI to develop a property management company.
Senior Executive of LIC Housing Finance said to www.propertykhazana.com that, “This is a right time to give an entry, considering the demand. We will create a separate property management company to handle this fund and we are still finalizing the contract formation, but will absolutely be the main shareholder in the fund. We are on plans to open this fund in this Financial Year, but have to select a banking associate.”
There are at least 3 main banks in the conflict for association and MoU will be signed shortly, as LIC Housing Finance will be the advertiser of the realty project fund and LIC can also be one of the inside suppliers of the fund. LIC, MD, Thomas Mathew said to www.propertykhazana.com that, “The insurer has no proposals to give an entry directly into the PE or to project capital business. The fund planned by LIC Housing Finance will be utilized to finance realty development and 50:60 ventures are expected to be funded in a year or two.”
Source: NBTVLIVE

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