GE Money-LIC JV To Take Off

LIC is going ahead with GE Money JV for its credit card venture. It has also given KPMG the mandate to look for a financial partner for the balance 14% stake that is yet to be sold in the venture. Although, the corporation was supposed to launch the card in March, it is now expected that the venture will roll out only by the second quarter of the next financial year. LIC has 40% in the venture, while GE Money''s stake is 35%. Corporation Bank will hold 4%, LIC Housing Finance will have 5% and LIC MF will have a 2% shareholding. Industry sources said LIC will look for a partner that will be able to pay a premium.