MUMBAI: Insurance major Life Insurance Corporation of India (LIC) is evaluating the option of bidding for IFCI. The Delhi-based term-lending institution has invited bids for a 26% stake in the company. The bids are slated to close on September 14, 2007.
Speaking to ET, LIC managing director DK Mehrotra said, “We have not yet submitted a bid. But we are considering it.” Mr Malhotra declined to give further details. Meanwhile, sources said the stake buy would provide LIC an opportunity to build its asset base.
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Friday, September 7, 2007
LIC may join race to buy 26% in IFCI
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