India's LIC To Raise $96.5M For Urban Development Fund

Law360, New York (January 12, 2012, 2:01 PM EST) -- Indian mortgage lender LIC Housing Finance Ltd. will create its first private equity fund by raising 5 billion rupees ($96.5 million) to go toward urban development projects, according to a local media report Thursday.

The unit of India's Life Insurance Corp. will use the fund to invest in companies developing affordable housing, industrial and technology parks, special economic zones, and other segments of Indian property, the Press Trust of India reported.

Mumbai-based LIC Housing Finance, which is owned by the state, did not immediately respond to a request...
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