Mumbai: Life Insurance Corporationis open to participating in a rights issue by debt-ridden Infrastructure Leasing Financial Services (ILFS), the insurer's chairman VK Sharma told reporters on Friday.ILFS is a major Indian infrastructure finance and construction company, which has built up big debts and is now facing a credit crunch.ILFS's board in August approved raising funds via a Rs 4,500 crore ($620.65 million) rights issue and a Rs 3,000 crore debt-reduction plan through asset sales.LIC, the country's largest state-run insurer, might also look at raising its equity stake in ILFS, subject to regulatory permission, Mr Sharma said, adding that the value of assets of the ILFS was Rs 60,000 crore.Mr Sharma and Ranjish Kumar, chairman of State Bank of India, were set to meet the economic affairs secretary on Friday to discuss the ILFS crisis, a source familiar with the matter said.ILFS's other major shareholders include Japan's Orix Corp and the Abu Dhabi Investment Authority, according to the company's website up to the end of the financial year to March 2018.($1 = Rs 72.5050) Thomson Reuters 2018