India’s finance minister Nirmala Sitharaman said insurance behemoth LIC will be listed as part of the government disinvestment initiative disclosed in her Budget speech 2020-21 on 1 February.
Sitharaman said: “Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created.”
The government currently owns a 100% stake in LIC, which was established in 1956.
