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The Life Insurance Corporation of India (LIC) has exited its entire investment in Air India’s (AI’s) debt instruments before the airline is handed over to Tata Group on Thursday, as part of the government's privatisation programme.
According to a banking source, the government-owned insurer sold its holding of Rs 3,800 crore back to the airline after AI offered to pre-pay debt worth Rs 12,900 crore to investors.
“LIC, which has invested Rs 3,000 crore, exited at a premium and will not invest in the airline in future as it will now be owned by a private limited company,” said a source close to the development.
