IPO-bound insurer LIC invites applications for post of CFO

IPO-bound insurance behemoth LIC has invited applications from eligible candidates for the post Chief Financial Officer (CFO).

Life Insurance Corporation of India (LIC) in a public notice said that the post of CFO would be contractual in nature and the CFO would get remuneration of about Rs 75 lakh per annum.

The appointment would be for a period of three years or 63 years of age whichever is earlier, it said, adding, performance will be reviewed on a half-yearly basis.

The last date for submitting application is October 12, 2021, it said.

The move to hire a CFO follows a decision to redesignate LIC's top post to chief executive officer from chairman earlier this year following amendment to Life Insurance Corporation Act 1956 through the Finance Bill 2021.

As part of preparation for the mega initial public offering (IPO), the government recently shortlisted the legal adviser.

The government aims to come out with the IPO and subsequent listing of LIC in January-March 2022.

The Cabinet Committee on Economic Affairs had in July cleared the initial public offering proposal of LIC.

The ministerial panel known as the Alternative Mechanism on Strategic Disinvestment will now decide on the quantum of stake to be divested by the government.

The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this fiscal, Rs 9,110 crore has been mopped up through minority stake sales in PSU and sale of SUUTI stake in Axis Bank.