The outline of the sale of stake in the undertaking including LIC will be announced in the budget

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Mumbai, Ta. Thursday, January 28, 2021

The plan to sell its stake in Life Insurance Corporation of India (LIC) is about to be announced in the budget of the program. Apart from LIC, IDBI Bank, BPCL and Air India are also likely to have their share sale plans outlined in the budget to be released on February 1, Finance Ministry sources said.

In the current financial year, the government had proposed to raise Rs 5.10 lakh crore through disinvestment in government undertakings, but so far only Rs 15,000 crore has been raised. LIC is considering selling 15 to 18 per cent stake.

The government is expected to aggressively pursue a disinvestment program in the next financial year, given the shortfall in government coffers caused by Corona.

LIC has an estimated under-management assets of 200 billion. To sell the stake, the government will have to pass an amendment to the LIC Act in Parliament.

The sale of stake in LIC was announced by the government only last year but due to administrative and legal process, the sale has not been possible yet. In the next financial year, the government plans to raise Rs 2.50 trillion to Rs 3.50 trillion through sale of stake in government undertakings, the sources added.


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