Life Insurance Corporation of India, India's largest life insurance firm, on Wednesday said it plans to consolidate its real estate portfolio across the country.

"Expression of Interest is being invited from professional consultancy organisations for consolidating our real estate portfolio," LIC [Get Quote] said in an advertisement.

The consultancy entails feasibility study, including techno-economic viability assessment of expected growth potential and investment opportunities in sectors like commercial, housing and retail for fresh acquisition, it said.

Besides, making fresh acquisitions of land, the insurer also intend to develop existing vacant plots and redevelopment of old properties. LIC is interested in acquiring properties in Tier I and Tier II cities for own use and for investment purposes, it said.

The advertisement said the consultants would be required to identify suitable properties for investment and for self use purposes and would advise purchase of property with salient features, techno-economic feasibility and investment rationale.

For development of unencumbered plots at Kolkata, Jaipur, Chennai, Kanpur and Ahmedabad etc, some new locations might be added in future, it said.

The consultants would be required to identify suitable properties for investment and would advice purchase of property, which would be beneficial for the company. LIC had forayed into real estate business in 2005, in a bid to get more returns from its properties. The last date for submission of bids is January 25.

LIC, which was formed in 1956 with the Government of India contributing the capital, had valuation surplus of Rs 15,127 crore (Rs 151.27 billion) for the year ended 2006-07. With over 2,040 branches, LIC also has offices in Fiji, Mauritius and the United Kingdom.

The Corporation has also managed to achieve a solvency margin of 150 per cent by building up reserves of Rs 36,472 crore (Rs 364.72 billion) as on March 31, 2007. The state-run insurer aims to collect Rs 52,000 crore (Rs 520 billion) form first premium income for the current year, compared with Rs 39,541 crore (Rs 395.41 billion) in 2006-07.

LIC targeted a total investment of Rs 1,17,000 crore (Rs 1.17 trillion) for the current fiscal compared with Rs 90,000 crore (Rs 900 billion) last year.