Chennai, Aug 24 - Life Insurance Corp of India (LIC) and its associates will hold a majority stake in the real estate venture capital fund to be floated by LIC Housing Finance Ltd, says a top company official.

'The majority stake will be with the LIC group. However, the actual percentage and other details as to the joint venture partner are yet to be decided,' LIC Housing director and chief executive R.R. Nair told IANS.

The venture capital fund's initial corpus size is expected to be around Rs.500 crore, though Nair said there will be more clarity on the project Aug 29 when the board meets.

The new company's name will depend on the partner chosen for the venture, he added.

LIC Housing, which funds home purchases, finds floating a venture capital fund a natural extension of its business.