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Life Insurance Corporation (LIC) is set to finalise its turnaround strategy for the beleaguered state-run IDBI Bank. The board of directors of LIC, which is meeting on Monday, is likely to give its nod to the proposal to increase the insurer’s stake to 51 per cent in the bank. Currently, the government owns 80.96 per cent of IDBI Bank, while LIC holds 10.82 per cent.
According to a senior official, the board will discuss a blueprint for reviving the bank and, accordingly, take a decision. Sources say LIC has done several rounds of due diligence with IDBI Bank.
The bank’s
