When will the government sell the stake of Life Insurance Corporation of India in IDBI? LIC gave this answer – Youthistaan

The matter of selling LIC’s stake in the country’s premier semi-government bank IDBI has been hanging for a long time. Investments have been asking the government to take a decision on this for a long time. But till now neither LIC nor the government has received any concrete reply.
Now the reply of MR Kumar, Chairman of Life Insurance Corporation of India (LIC), has indicated that the matter is again in cold storage. Chairman MR Kumar said that the corporation has not been given any time frame by the government to sell its stake in its subsidiary IDBI Bank.
LIC holds 49.2 per cent stake in IDBI Bank while the rest is with the government and investors. LIC had taken a stake in this bank when it was in deep financial trouble. Kumar, while interacting with the media during the announcement of LIC’s quarterly results, said that no deadline has been fixed yet for the insurance company to sell its stake in IDBI Bank. He said that the Department of Disinvestment is working on it but no expression of interest has been invited so far. He said that no formal proposal from the department has also come to LIC.

The insurance company, before launching its initial public offering (IPO), had said it would retain some of its stake in IDBI Bank to take advantage of the bank insurance channel. The government now wants to get out of IDBI Bank and for this it wants to completely privatize this bank.
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