Five private equity investors are interested in acquiring a 15% stake in India's Life Insurance Corporation proposed credit card venture, reports Reuters, citing the Business Standard as its source.
<p>The private equity firms are Blackstone, Temasek, JC Flower, Fortress and 3i Group, Reuters reported, quoting a Life Insurance Corporation (LIC) official.<br /><br />The publication added that, so far, LIC has signed a memorandum of understanding with GE Money to establish a 40:30 venture for the credit card business. Meanwhile, Corporation Bank, LIC Housing Finance and LIC Mutual Fund will each own a 5% stake in the new business.</p>