Government has permitted up to 20 percent
Foreign Direct Investment (FDI) under automatic route in Life Insurance
Corporation of India (LIC) with an aim to facilitate disinvestment of
the country's largest insurer. Sources said that the decision in this
regard was taken by the Union Cabinet, chaired by Prime Minister
Narendra Modi yesterday.
Department for Promotion of Industry and Internal Trade (DPIIT) had
mooted the proposal to allow FDI in LIC, after taking views from the
Ministry of Finance. The much-awaited initial public offering, IPO of
LIC is expected to hit the market in March and LIC's employees and
policyholders would get a discount over the floor price.
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(With input from news agency language)
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