Centre will sell a part of its stake in the Life Insurance Corporation (LIC). Union Finance minister Nirmala Sitharaman on Saturday said that the government will sell a part of its stake in LIC through an Initial Public Offering (IPO). During her Budget speech today, Sitharaman further said that the organisation will be listed as part of the government’s disinvestment initiative.
“The government proposes to sell a part of its holding in LIC through the initial public offer,” Sitharaman said. However, she has not specified any further details.
It may be mentioned here that the LIC was established in the year 1956 and the government currently owns the entire 100 percent stake in LIC.
Also, the government has set a divestment target of Rs 2.1 lakh crore for financial year 2021 compared with Rs 1.05 lakh crore target for the ongoing financial year.