LIC divestment plans declared

The Indian government has stated plans to divest a portion of the Life Insurance Corporation (LIC) by listing a part of the stake of the life insurance company.

Such a move would enable the government to meet its divestment target of INR2.1 trillion rupees (USD29.55 billion) in the financial year 2021. The insurance giant was set up in 1956 and holds a majority share in the life insurance market in India.

Although the government did not give a roadmap for listing LIC, it said that INR900 billion will be achieved via stake sales in state-owned banks and financial institutions.