LIC says will maintain investment target this fiscal

MUMBAI: The country's largest financial institution LIC today said in spite of the sloppy market conditions and many a headwind on the macro front, the corporation is not planning to trim its investments and will be pumping in up to Rs 1.95 lakh crore this fiscal.

"Last year our total investment across asset classes was about Rs 1.95 lakh crore and I think we will be able to maintain that in spite of the slowdown, (in this fiscal too)," LIC acting Chairman DK Mehrotra told reporters here.

He further said the investments in the capital markets will also be at par with last fiscal's Rs 43,000 crore in the current fiscal.

Mehrotra, who has been officiating as the chairman since May 2011, said Life Insurance Corporation has invested Rs 1,25,000 crore across asset classes till November which includes up to Rs 28,000 crore in equities and the remaining in debt.

The government has not been able to find a permanent successor to the previous chairman TS Vijayan, whose five-year term ended late April last. Since then Mehrotra, who was an MD, been the officiating chairman.

"We are a long-term player and opportunities keep on coming. If there is good value and where have had an opportunity in the recent past, we have picked up good scrips, there is no doubt about it" he said.

When asked if it will help the government achieve its Rs 40,000-crore disinvestment target and pick up stakes in public enterprises, as is being mooted, Mehrotra said LIC has not received any such proposal yet but it will positively consider such things if asked to do so.

"If there is value, definitely we will see (to that)," he said.