Centrewill sell a part of its stake in the Life Insurance Corporation (LIC). UnionFinance minister Nirmala Sitharaman on Saturday said that the government willsell a part of its stake in LIC through an Initial Public Offering (IPO).During her Budget speech today, Sitharaman further said that the organisation willbe listed as part of the government's disinvestment initiative.
"Thegovernment proposes to sell a part of its holding in LIC through the initialpublic offer," Sitharaman said. However, she has not specified any furtherdetails.
Itmay be mentioned here that the LIC was established in the year 1956 and thegovernment currently owns the entire 100 percent stake in LIC.
Also,the government has set a divestment target of Rs 2.1 lakh crore for financialyear 2021 compared with Rs 1.05 lakh crore target for the ongoing financialyear.