The government has extended the term of the chairman of the IPO Life Insurance Company (LIC) for another year to facilitate the smooth listing of the insurance giant, sources said.
In addition, the government extended the term of one of the managing directors, Raj Kumar, for another year.
With the extension, MR Kumar will remain as LIC chairman until March 2023, sources said.
This is the second extension of the LIC chairman. In June last year, he was given a nine-month extension given LIC’s planned IPO by the end of the current financial year.
The government has extended MR Kumar’s term from June 30, 2021 to March 13, 2022, the date when he will complete his three-year period, sources said.
The government wants to list LICs in this financial year based on the budget announcement.
Finance Minister Nirmala Sitharaman said in her budget speech that LIC’s initial public offering (IPO) will be listed in 2021-22 as part of an ambitious Rs 175 crore divestment target.
The government owns 100% of LIC. Once listed, it is likely to become the country’s largest company by market capitalization, with an estimated valuation of Rs 8-1 crore.
Complete News Source : Mint
