BPCL, Air India stake sale by Sept; LIC IPO post Oct: DIPAM Secy

NEW DELHI : The initial public offering (IPO) of India’s largest insurance company LIC is likely after October this year, a top official said on Tuesday laying out the government’s divestment calendar that includes completing the sale of flag carrier Air India and oil firm BPCL within the first half of the next fiscal.

Targeting to raise ₹1.75 lakh crore from the asset sale to finance projects aimed at reviving the pandemic battered economy, the government is also looking to sell Shipping Corp of India (SCI), IDBI Bank Ltd and two other public sector lenders in the fiscal year beginning April 1.

In an interview with PTI, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the government has introduced the legislative amendments required for disinvestment of a stake in Life Insurance Corporation of India (LIC) and IDBI Bank through the Finance Bill, 2021 presented along with the Budget on Monday.