Mortgage Lender LIC Housing to diversify into banking

Chennai, Sep 26, 2010 (Calcutta Tube) Housing mortgage lender LIC Housing Finance is keen to diversify into various financial services, including banking, a top company official said Friday.

‘We have applied for a banking licence. We are planning to float one subsidiary a year for the next five years,’ R.R. Nair, Director and Chief Executive, told reporters here.

He said the company is looking at financial services, venture capital fund, property service development and others.

‘The company’s Rs.500 crore venture capital fund is set to become operational next month. We will participate in real estate projects,’ Nair said.

Speaking about LIC Housing’s business, he said the company targets to disburse Rs.20,000 crore as against Rs.14,853 crore logged the previous year.

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