LIC Refutes News Reports Of $6-7B Property Sale

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Life Insurance Corporation of India (LIC) has refuted the claims of a large-scale property sale that were being circulated in the mainstream media.

What Happened: On June 18, 2024, LIC issued a statement to the stock exchanges to clear the air about a news item that hinted at a ‘Mega LIC property sale to raise $6 -7bn’. The company has firmly denied these reports, stating that the news published in the mainstream media is incorrect.

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The news of LIC’s alleged property sale was initially reported by Mint on June 18, 2024. The report suggested that LIC, India’s third-largest landlord, was planning to sell some of its premium commercial buildings and land across the country to raise $6-7 billion (₹50,043-58,384 crore).

The publication cited two people aware of the matter, adding that the process may start with Mumbai. This news had significant implications as it would have marked a major shift in LIC’s asset management strategy. However, with LIC’s recent denial, it is clear that the corporation is not planning any such large-scale property sale.

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Posted In: EquitiesNewsMarketsReal EstateLife Insurance Corporation of India