Budget 2020: Govt plans to sell stake in LIC, sets new disinvestment target

Paring its stake in the insurance giant will help the government meet its divestment target, which has been increased to Rs 2.1 trillion in financial year 2021

The government on Saturday announced its plans to divest a part of its stake in Life Insurance Corp (LIC) in a move that could result in the partial listing of the country's largest insurance company.
 

Paring its stake in the insurance giant will help the government meet its divestment target, which has been increased to 2.1 trillion rupees ($29.55 billion) in financial year 2021 compared to 1.05 trillion rupees in the current fiscal.
 

The government currently owns 100% stake in LIC that was set up in 1956. LIC controls a majority share in the life insurance market in India.
 

Although