Prime Minister Narendra Modi’s(pic) government surprised investors by saying it will sell part of its stake in the state-run behemoth Life Insurance Corp (LIC)
MUMBAI: Prime Minister Narendra Modi’s government surprised investors by saying it will sell part of its stake in the state-run behemoth Life Insurance Corp (LIC) of India to meet its record asset-sale target.
Investors likened the proposal to Saudi Aramco, which in December raised about US$25bil in the world’s biggest-ever initial public offering, and overtook Microsoft Corp and Apple Inc as the most valuable listed company. India is targeting to sell the stake in the year starting April 1, Tuhin Kanta Pandey, secretary for disinvestment said in an interview.
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