The Hindu Business Line : LIC to focus on infrastructure stocks

LIFE Insurance Corporation, which plans to invest Rs 10,000 crore more in shares, will focus on infrastructure stocks, said the Chairman, Mr A.K. Shukla.

LIC has decided to raise its exposure to equity from 8 to 10 per cent. Mr Shukla, however, did not give any time frame for the investment.

In the city today to lay the foundation stone for a residential complex for employees of Indian Overseas Bank, developed by LIC, he said the corporation plans to develop 70 of its properties across the country into residential and commercial complexes. It would use real estate as another avenue of investment to service its policyholders, he said.

LIC intends to meet the Insurance Regulatory Development Authority's directive stipulating that 15 per cent of a life insurance company's investments should be in infrastructure.

He said the corporation's board had cleared a proposal to hire foreign consultants for real estate development.

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