India’s Life Insurance Corporation is reportedly launching a real estate fund targeting the country’s residential sector.
The firm is acting together with subsidiary LIC Housing Finance in its plans to raise RS 500 million crore ($103 million).
Local reports say this is the first time that the country’s largest life insurer has entered private equity real estate. The company established to manage investments will be known as LIC HFL Trustee Company.
LIC is also reportedly considering an international private equity fund.