Up to 20% foreign investment allowed in LIC's IPO

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New Delhi: The Center on Saturday approved up to 50 per cent foreign direct investment (FDI) in LIC. The government has approved a proposal to increase foreign investment in the Life Insurance Corporation of India, which is preparing for an IPO. The government's move will ease the disinvestment of the country's largest insurance company. The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi on Saturday.

The government has approved the listing of LIC's shares in the stock market through an IPO. It is only natural that foreign investors should be willing to participate in this mega IPO. However, under the current FDI policy, there is no special provision for foreign investment in LIC, a corporation formed under the LIC Act, 18.

It may be mentioned here that as per the FDI rule, the limit for foreign investment in public sector banks under the government approval process is 50 per cent. Therefore, it has been decided to allow up to 50 per cent foreign investment in LIC and other corporate entities.

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