LIC Planning to Sell Its Buildings, Land to Raise Over Rs 50000 Cr

New Delhi: LIC is planning to sell off some of its premium commercial buildings and land throughout India to raise $6-7 billion (Rs 50,043-58,384 crore), reported Mint.

LIC has formed an internal team to work out a sale plan for its real estate assets across the country. These assets were last valued between Rs 50,000-60,000 crore. These real estate properties are mostly located in major metro cities across India.

These properties include the Jeevan Bharti Building in Connaught Place, Delhi, the LIC Building in Chittaranjan Avenue, Kolkata and housing properties in the Asiatic Society and Akbarally areas of Mumbai.

LIC, the largest insurance provider in India, possesses assets worth Rs 51 lakh crore. LIC is one of the most profitable public sector companies in India. LIC also ranks third when it comes to land ownership in the country, with Indian Railways holding the second position.