Government is all set to sell its stake in the largest ‘ life insurer’ LIC (Life Insurance Corporation). The announcement was made by Finance Minister Nirmala Sitharaman during her budget speech on Saturday.
The selling of stakes would be done via an Initial Public Offering. Founded in 1956 LIC currently manages assets of $433 billion. The percentage of stakes to be sold by the government is not unveiled by the government. This is the first time since independence that the government has taken a step to sell shares in LIC