Government of India's move to keep Chinese investors away from LIC's lPO
Mumbai: The government wants to keep Chinese investors away from Life Insurance Corporation of India's (LIC) initial public offerings (IPOs). It is learned that the government's intention has been exposed in view of the recent tensions between China and India. LIC, which has assets of over 500 billion, plans to launch an IPO by the end of the current financial year. LIC has more than 50 per cent share in the country's life insurance market. The government welcomes foreign investors in IPOs, but the government wants Chinese investors to stay away from them, sources said. LIC expects to raise Rs 500 billion through IPO. Political tensions between the two countries have been running high since last year's clash between Indian and Chinese troops. Amid the tensions, India has banned a number of Chinese apps in the country, as well as limited Chinese investment in sensitive companies. The government has also taken steps to reduce imports from China. The sources added tha