New Delhi: Life Insurance Corporation of India (LIC), India''s largest life insurance company, said it mulls to consolidate its real estate portfolio across the country. Expression of Interest is being called from professional consultancy organisations for consolidating our real estate portfolio, LIC said in an advertisement. The consultancy entails a feasibility study, including techno-economic viability assessment of expected growth potential and investment opportunities in sectors such as commercial, housing and retail for fresh acquisition. LIC is interested in buying properties in Tier I and Tier II cities for its own use and investment purposes. The insurer will develop unencumbered plots at Kolkata, Jaipur, Chennai, Kanpur and Ahmedabad.
LIC entered into the real estate business in 2005 in an attempt to get more returns from its properties. The last date for submission of bids is January 25. It achieved a solvency margin of 150 per cent as on March 31, 2007, by building reserves of Rs 36,472 crore. The state-run insurer targets to collect first premium income of Rs 52,000 crore this year compared with Rs 39,541 crore in 2006-07. It has aimed a total investment of Rs 1,17,000 crore for the current fiscal compared with Rs 90,000 crore last year.
LIC entered into the real estate business in 2005 in an attempt to get more returns from its properties. The last date for submission of bids is January 25. It achieved a solvency margin of 150 per cent as on March 31, 2007, by building reserves of Rs 36,472 crore. The state-run insurer targets to collect first premium income of Rs 52,000 crore this year compared with Rs 39,541 crore in 2006-07. It has aimed a total investment of Rs 1,17,000 crore for the current fiscal compared with Rs 90,000 crore last year.
No comments:
Post a Comment