LIC board clears proposal to setup branch office in Gujarat's GIFT City

Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat.

The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing.

LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business.

At present, GIFT IFSC is the maiden international financial services centre in India.

In an interview with PTI last month, LIC Chairman Siddhartha Mohanty had said "this will enhance our foreign operations".

LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures.

The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford).

Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insurance Corporation (LIC) of Bangladesh Ltd.

It also has a foreign wholly-owned subsidiary -- Life Insurance Corporation (Singapore) Pte Ltd.