LICHF to finalize partner for VC fund soon

LICHF to finalize partner for VC fund soon
PTI
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First Published: Mon, Aug 24 2009. 11 12 AM IST
Updated: Mon, Aug 24 2009. 11 12 AM IST
Mumbai: Mortgage loans lender LIC Housing Finance (LICHF) is likely to finalize a partner for its real estate venture capital fund by August-end, a company official said.
LICHF is launching a Rs500 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,” said LIC Housing Finance director and chief executive R.R. Nair.
LICHF, which is a 100% subsidiary of life insurance major LIC, has already short-listed five entities for its venture capital fund.
“We have already short-listed five domestic partners,” Nair said, without disclosing their names.
LIC Housing Finance has set-up a standalone company for the fund, he said.
LIC Housing Finance’s parent company and the country’s largest life insurer, Life Insurance Corp. 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% holding in it but that would be decided by the board,” Nair said.
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First Published: Mon, Aug 24 2009. 11 12 AM IST