Cabinet to take up FDI proposal for LIC next week
By MYBRANDBOOK
The union Cabinet is expected to take up a proposal to allow foreign investment in Life Insurance Corporation as soon as next week, to help facilitate the initial public offering of the state-owned insurer. The final proposal would be moved for Cabinet's consideration soon and the approval is expected by February.
The government is revising the Foreign Direct Investment (FDI) policy to ease the disinvestment of the company. FDI of up to 74 percent is allowed in India’s insurance sector but LIC is exempted from this condition as it is governed by the LIC Act.
The government may now allow up to 20 percent foreign investment in the insurer that plans to list by the end of this fiscal year.
The government's divestment department is solely focused on the giant state-backed insurer's IPO, from which it hopes to gain as much as Rs 89,943 crore, and had also put aside other privatisation plans for this fiscal year.
LIC has a majority share of the life insurance market in India and the government anticipates that proceeds from the IPO will help bridge a deficit gap this fiscal year. The listing will also bring more transparency into the working of the state-run company.
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