| "Expression of Interest is being invited from professional consultancy organisations for consolidating our real estate portfolio," LIC said in an advertisement. |
| The consultancy entails a feasibility study, including techno-economic viability assessment of expected growth potential and investment opportunities in sectors such as commercial, housing and retail for fresh acquisition. |
| Besides purchasing land, the insurer intends to develop existing vacant plots and redevelop old properties. LIC is interested in acquiring properties in Tier I and Tier II cities for its own use and investment purposes. |
| The consultants would be required to identify suitable properties for investment and self-use. |
| They would provide advice on purchase of property, techno-economic feasibility and investment rationale. The insurer will develop unencumbered plots at Kolkata, Jaipur, Chennai, Kanpur and Ahmedabad. It may add new locations in the future. |
| LIC forayed into the real estate business in 2005 in an attempt to get more returns from its properties. The last date for submission of bids is January 25. LIC, which was formed in 1956, has offices in Fiji, Mauritius and the United Kingdom and over 2,040branches. |
| The Corporation had a surplus of Rs 15,127 crore in the year ended 2006-07. It achieved a solvency margin of 150 per cent as on March 31, 2007, by building reserves of Rs 36,472 crore. |
| The state-run insurer aims to collect first premium income of Rs 52,000 crore this year compared with Rs 39,541 crore in 2006-07. It has targeted a total investment of Rs 1,17,000 crore for the current fiscal compared with Rs 90,000 crore last year. |
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