IL&FS and LIC launch Rs.5300 crore infra fund

IL&FS Financial Services and Life Insurance Corporation of India (LIC) have launched a ? 5300 crore fund to invest in road, ports and power projects. The fund which has been cleared by the Securities and Exchange Board of India (SEBI) will raise funds from domestic and foreign investors. LIC is likely to hold a stake of up to 30% in the Fund. Prospective foreign investors who are likely to be approached include Japanese and Australian investors, including pension funds, with the remaining portion coming from domestic investors.