LIC views IDBI acquisition as a sound business deal, says Piyush Goyal

The deal will likely trigger an open offer, which LIC will make to IDBI Bank's shareholders

The Life Insurance Company (LIC) considers its decision to own 51 per cent in state-owned IDBI Bank a sound business move and a good investment opportunity, Finance Minister Piyush Goyal said on Tuesday. 

“With the approval of LIC’s board, which was of the view that the proposed acquisition is a sound business proposition and is both commercially viable and a good investment opportunity, LIC submitted a proposal informing, inter alia, of various measures for safeguarding the policyholders fund, to the Insurance Regulatory and Development Authority of India (IRDAI) for acquiring controlling stake in IDBI Bank,” Goyal said, in a response