LIC Housing Finance Ltd, a subsidiary of life insurance giant Life Insurance Corporation of India (LIC), has made four investments in mid-income housing projects, putting in Rs 50-70 crore in each transaction from its Rs 530 crore real estate investment fund that it raised in March last year, according to a report by Mint, citing a top official in the fund.
The fund, called 'LICHFL Urban Development Fund' has invested in projects in Pune and Bangalore, including one by entrepreneur Jaithirth Rao's Value and Budget Housing Corp Pvt Ltd (VBHC) in Bangalore. The fund has also invested in another project in the city developed by realty firm Mahaveer Group.
With the first fund, LIC Housing is investing money through a mix of debt and equity transactions. Now, the company will look at floating second fund once over half of the fund is deployed, LIC Finance's CEO AK Sharma told the paper.
The fund is managed by LICHFL Asset Management Company Limited, a subsidiary of LIC Housing Finance.
(Edited by Joby Puthuparampil Johnson)