New Delhi : Buoyant from having handed Air India to Tata at throwaway price, the Modi government prepares to sell more government-owned companies. According to Tuhin Kant Pandey, the Joint Secretary at department in-charge of PSU sales, preparations are on anvil to sell government’s Insurance giant, the Life Insurance Corporation(LIC).
The Initial Public Issue(IPO) of LIC shares will commence in March of 2022, the price fixation in prelude to which, will be completed by December. The move is sell 10 percent stake and raise Rs 90,000 crores thereof. Pulling of Air India sale has boosted government confidence of being able to strike sales of other public companies.
Modi government is all for privatisation of businesses; Business not business of the government, said Pandey.
Incidentally, LIC is a highly profitable company owned by government and consistently booked record profit - Rs 10,000 crores in the just concluded quarter of June 2021.
