Blackstone, JC Flower, Fortress, Temasek and 3i in talks with LIC Global private equity investors Blackstone, JC Flower and Fortress of the US, Temasek of Singapore and 3i of the UK are in talks with the Life Insurance Corporation of India (LIC) for buying a combined 15 per cent stake in the life insurer’s proposed credit card venture with US-based GE Money. The valuation of the proposed company is still to be worked out. LIC will own a 40 per cent stake, GE Money India 30 per cent and Corporation Bank, LIC Housing Finance and LIC Mutual Fund 5 per cent each. GE Money would lend its credit card expertise and technology platforms for the LIC credit card venture, while LIC will tap its 200 million customers to grab a share of the fast-growing credit card market. Payments via credit cards rose 22 per cent to Rs 41,361 crore in 2006-07. The total credit cards receivables outstanding at the end of March 2007 was Rs 13,316 crore, up 46.6 per cent from a year earlier. A senior LIC official confirmed that talks were on with these private equity players. Industry sources said Carlyle too had evinced interest in buying a stake in the venture. Consulting firm KPMG is advising LIC on it. […]