Budget 2020: Govt to sell a part of its holding in LIC via IPO, says Nirmala Sitharaman

The finance minister made the announcement during her Union Budget speech but she did not specify any further details.

The government will sell a part on its holding in Life Insurance Corporation (LIC) of India, the largest institutional investor, through an initial public offer (IPO), Union finance minister Nirmala Sitharaman said on Saturday.

Finance Minister Nirmala Sitharaman presents the Union Budget 2020-21 at the Parliament, in New Delhi on Saturday. (ANI)

The finance minister made the announcement during her Union Budget speech but she did not specify any further details.

The employees of LIC, established in 1956 and fully owned by the government, have threatened to go on a flash strike if the Centre announces the listing of the LIC in the Budget proposals.

“There is the possibility of it happening. If the government makes such an announcement, LIC employees will go on a flash strike,” All India Insurance Employees’ Association (AIIEA) national officials had said while speaking to reporters on Thursday.