News Update

LIC IPO may allow foreign investment of 20%

• ByManjeet Singh     |    October 6, 2021

The Indian government is looking at allowing foreign investors to own up to 20% of Life Insurance Corporation, according to a source familiar with the plan, which would allow them to participate in India’s largest IPO to date.

FDI rules will be amended in order to allow investors to pick up stakes without the government’s approval, the person said, declining to be identified since the discussions are confidential. An official from the government will meet and discuss the proposal in New Delhi as soon as Wednesday afternoon, according to the source.

Calls seeking comment from a finance ministry spokesman were not immediately returned.

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