LIC arm to finalise realty venture fund partner this month

LIC arm to finalise realty venture fund partner this month
Business Standard, August 25, 2009, Section II, Page 2

Press Trust of India / Mumbai

Mortgage loans lender LIC Housing Finance (LICHF) was likely to finalise a partner for its real estate venture capital fund by the end of this month, a top company official said.

LICHF is launching a Rs 500 -crore real estate venture capital fund and has been scouting for a domestic partner. The fund is slated to be launched by end-September.

“The board committee on the venture capital fund is likely to decide the final partner by the end of this month,” LICHF’s Director and Chief Executive Officer R R Nair said.

LICHF, which is a 100 per cent subsidiary of LIC, has already short-listed five entities for its venture capital fund.

“We have already short-listed five domestic partners,” Nair said. LICHF has set up a stand-alone company for the fund, he said.

LICHF’s parent company and country’s largest life insurer, Life Insurance Corporation of India (LIC), would also be one of the partners, he said.

“LIC group will be the majority stakeholder in this venture capital fund. The partner should have at least a 20 per cent holding in it, but that would be decided by the board,” Nair said.