As per the source saying @ the www.propertykhazana.com India’s major insurance company Life Insurance Corporation under its subsidiary Life Insurance Corporation Housing Finance (LICHF) is geared up to initiate a new venture capital fund for the real estate ventures with the size expected to be around Rs. 3.5 Billion. For this LICHF has 5 per cent share worth of Rs. 75 Million in the new Rs. 1.5 Billion financial support from LIC and the funding process is likely to start in the coming 6 months, added the source.
The reported source further said @ the www.propertykhazana.com that LICHF is on expansion mode and proposed to expand its service to Singapore, apart from the offices in Dubai and Kuwait where the operations are on. LICHF has also launched ‘LICHF Care Homes’ as a subsidiary of LICHF and is working out on plans to develop residential flats meant for the senior citizens in Kerala, West Bengal, Punjab and Orissa. The proposal was made public at the Bangalore regional office by the senior officer and he also added at the www.propertykhazana.com that during the financial years 2007-08, the corporation passed Rs. 74 billion, which was Rs. 48 billion during the previous year.
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