LIC to undertake realty projects across India

Kolkata:

Life Insurance Corporation of India (LIC) would undertake realty projects, both commercial and residential, across the country.

Stating that LIC was the second largest real estate asset holder in the country after the Railways, besides being the largest investor, Chairman of LIC T S Vijayan said that LIC was looking at a real estate income of Rs 200 crore to Rs 300 crore.

He said LIC was at a premium income of Rs 1,76,000 crore during the current fiscal. To a query, he said that LIC was aiming at 18 per cent to 19 per cent growth in the next fiscal.

The insurer would be investing Rs 2 lakh crore in the current fiscal, out of which 15 per cent would be in infrastructure projects.

Laying the foundation stone of a residential housing complex in south Kolkata on Sunday, Finance Minister Pranab Mukherjee said that LIC was contributing to 4 per cent of the country’s GDP as well as paying hefty dividends to the exchequer.