LIC to buy Rs 70,000 crore worth govt. bonds this fiscal: Vijayan

Mumbai, Sept 01 (UNI) The state owned Life Insurance Corporation of India (LIC) is set to buy about Rs 70,000 crore worth in the government securities in the current fiscal.

''This year we have earmarked an investment of around Rs 1,50,000 crore in various investment options. Of this, we are required to invest 50 percent of this in government securities,'' LIC Chairman T.

S. Vijayan said while interacting with scribes on the sidelines of a news conference.

LIC is one of the largest investors in federal bonds and other fixed-income instruments. Its total holding to date in government bonds was Rs 2,32,598 crore or 52.54 percent of its total asset base. He said LIC holds state government bonds worth Rs 56,578 crore and infrastructure bonds worth Rs 59,695 crore, that works out to 12.43 per cent and 13.08 per cent respectively of its total asset base. Its bond portfolio had an average maturity of 15-17 years.

LIC's managing director D.K.Mehrotra said that the Corporation had purchased Indian stocks worth Rs 3000 crore so far this fiscal.

''However, we don't have any preference for any particular sector though we like the banking, auto, pharma and the FMCG sector,'' he said.

UNI SN ADG AW2018