Five PEs in talks with LIC to buy 15% in LIC credit card venture

Global private equity investors Blackstone, JC Flower and Fortress of the US, Temasek of Singapore and 3i of the UK are in talks with the Life Insurance Corporation of India (LIC) to pick up 15 per cent stake in LIC’s proposed credit card venture with GE Money.

The valuation of the proposed company is still being worked out. LIC will own 40 per cent stake, GE Money India 30 per cent and Corporation Bank, LIC Housing Finance and LIC Mutual Fund 5 per cent each.