30 November Tuesday
LIC has consistently booked record profits - a whopping Rs 10,000 cr in the just concluded quarter of June 2021.

Next, LIC Up For Sale; Running Business Is Not Govt’s Business, Says Tuhin Kant

Web Desk(TVM)Updated: Thursday Oct 14, 2021

New Delhi : Buoyant from having handed Air India to Tata at throwaway price, the Modi government prepares to sell  more government-owned companies. According to Tuhin Kant Pandey, the Joint Secretary at department in-charge of PSU sales, preparations are on anvil to sell government’s Insurance giant, the Life Insurance Corporation(LIC).

The Initial Public Issue(IPO) of LIC shares will commence in March of 2022, the price fixation in prelude to which, will be completed by December. The move is sell 10 percent stake and raise Rs 90,000 crores thereof.  Pulling of Air India sale has boosted government confidence of being able to strike sales of other public companies.

Modi government is all for privatisation of businesses; Business not business of the government, said Pandey.

Incidentally, LIC is a highly profitable company owned by government and consistently booked record profit - Rs 10,000 crores  in the just concluded quarter of  June 2021.