The Finance Minister made this important announcement for the people waiting for the IPO of LIC

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New Delhi, 1 February 2021 Monday

Finance Minister Nirmala Sitaram on Monday said that the IPO of Life Insurance Corporation (LIC) will come in the financial year starting April 1. The government has started the process of IPO of LIC.

"In 2021-22, we will also bring LIC's IPO, for which I will make the necessary amendments this session," Finance Minister Nirmala Sitaram said in her 2021-22 budget speech. At present, the government owns 100 per cent stake in LIC.

With a market capitalization of Rs 8-10 lakh crore, LIC is likely to be the largest listed company in the country. In addition, the government is planning to privatize two public sector banks and a general insurance company in 2021-22.

The Finance Minister said, "In addition to IDBI Bank, we propose privatization of two public sector banks and one general insurance company in the year 2021-22. This will require legal amendment and I propose to introduce amendments later this session.

Talking to media after the budget, the finance minister said the ministry would consider which banks should be privatized and how. When asked about the names of these banks, he said that if he had known the names, he would have announced them in his budget speech.

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