The Mega IPO of Life Insurance Corporation of India (LIC) will come by the end of this financial year.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) of the Central Government told that the plan to bring this IPO is going on.
Media speculation regarding viability of LIC IPO in this financial year is not correct and it is reiterated that IPO is being planned by the last quarter of this financial year, he tweeted.
IPO expected to be biggest in India
This IPO is expected to be the biggest in India and the government is expected to get one lakh crore rupees from it. Significantly, in the Union Budget 2021-2022, the government has taken several legislative and executive steps for this mega IPO.
LIC was established in 1956
LIC is a statutory corporation, which was established under the LIC Act 1956 and is the leading life insurance company in the country wholly owned by the Central Government. It has three branches outside India which are in UK, Fiji and Mauritius.
Some media speculation doubting the feasibility of LIC IPO this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal.
Some media speculation doubting the feasibility of LIC IPO this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal. pic.twitter.com/E01nDZjnSu
— Secretary, DIPAM (@SecyDIPAM) December 19, 2021
Unit in Singapore and JV in other countries including Bangladesh
LIC also has wholly owned subsidiaries in Singapore and joint ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia and Bangladesh. Its subsidiaries in India are LIC Pension Fund Limited and LIC Card Services Limited. Its associates include IDBI Bank Ltd., LIC Mutual Fund and LIC Housing Finance Ltd.
