Employees' unions oppose govt plan to sell part of LIC holding via IPO

LIC employees' unions on Saturday opposed the Centre's plan to sell a part of its shares in the state-run insurance behemoth through an initial public offer (IPO), insisting that the move is "against the national interest".

Finance Minister Nirmala Sitharaman said the Life Insurance Corporation of India (LIC) will be listed as part of the government disinvestment initiative.

The government proposes to sell a part of its holding in LIC through IPO, she said while unveiling the Budget 2020- 21.

"We strongly oppose the government's plan to sell a part of its shares in LIC and the move is against the national interest,"