Feb 1, 2020
New Delhi: Government will reduce its stake in state life insurer LIC through an IPO, Finance Minister Nirmala Sitharaman said on Saturday.
“Government will list LIC on the stock exchanges”, she said in her Budget speech.
This could be the country’s biggest initial public offering in recent times, the government will list Life Insurance Corp of India in the next financial year starting April.
The proposal to list LIC is something which will be a big ticket disinvestment proposals to push revenues of the government.
The current year disinvestment could not go beyond Rs 18000 crore. The listing of the company is going to be complicated as it has huge investments in real estate, art and equity market, which may prove to be time consuming for valuation purposes, an official said.
India’s largest life insurer LIC’s surplus for 2018-19 increased 9.9 per cent to Rs 532.14 billion. This was the first time that LIC’s surplus crossed the 500-bln-rupee mark. IANS
Related News
India-UK FTA bypasses China’s dependence, navigates US tariffs: SBI report
New Delhi: India and the United Kingdom have signed a landmark free trade agreement (FTA), momentous not only in quantitative magnitude -- encompassing reductions across 90 per cent of tariff...
Current indicators show India’s economy is doing well: CEA Nageswaran
New Delhi: Chief Economic Advisor (CEA) V. Anantha Nageswaran has highlighted that current indicators show the Indian economy is continuing on a high growth path despite the global challenges. Speaking...
WAVES 2025: First-ever White Paper on India’s live events economy unveiled
Mumbai: Union Minister of State for Information and Broadcasting, L. Murugan, on Saturday unveiled a first-of-its-kind White Paper that presents a comprehensive analysis of India’s rapidly expanding live entertainment industry...
India must aim for $1 trillion ‘Orange Economy’ by 2047: Kiran Mazumdar Shaw
Mumbai: The media and entertainment sector contributes $20 billion to the GDP today and we must aim for $100 billion dollar, and eventually, a $1 trillion ‘Orange Economy’ by 2047,...
India bans all imports from Pakistan amid rising tensions
New Delhi: India has banned all imports - direct and indirect - from Pakistan amid rising tensions with the neighbouring country over the barbaric Pahalgam terror attack. According to a...
India, EU agree to seal free trade pact by 2025-end
New Delhi: Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security, Maros Sefcovic, have reaffirmed their shared resolve to conclude the India-European Union Free Trade...
India buys gold worth Rs 12,000 crore on Akshaya Tritiya, silver purchase at Rs 4,000 crore
New Delhi: India saw an estimated sale of gold jewellery and related items worth approximately Rs 12,000 crore on the occasion of Akshaya Tritiya on Wednesday, the Confederation of All...
Trade talks with India ‘coming along great’, says Trump
Washington: US President Donald Trump said that trade talks with India were “coming along great” and expressed confidence in signing a deal. Unlike his aides, however, the president did not...
RBI’s move to inject liquidity seen as a positive for bond prices
Mumbai: The Reserve Bank has decided to inject more liquidity into the banking system through the purchase of Government bonds for an aggregate amount of Rs 1.25 lakh crore in...
Piyush Goyal lashes out at Big Pharma for evergreening patents
New Delhi: Minister of Commerce & Industry Piyush Goyal on Sunday strongly criticised attempts by global pharma giants to extend patents for medicines through minor incremental innovations which could deprive...
California becomes world’s fourth largest economy, surpassing Japan
Sacramento: California's economy has overtaken Japan to become the world's fourth-largest economy, behind only the United States, China, and Germany in global economic rankings. California Governor Gavin Newsom made the...
Indian households well positioned to support 6.5 pc growth over 3-5 years: Morgan Stanley
New Delhi: The households in India remain well positioned to support 6.5 per cent growth over the next 3-5 years, a Morgan Stanley report said on Friday. Current household debt...