Skip to content
Subscriber Only

Aramco-Like Mammoth IPO Proposed for India’s Biggest Insurer

  • LIC to become India’s top company by value on debut: ICICI Sec
  • LIC’s total assets of $434 billion exceed that of Indian funds
Prime Minister Narendra Modi.

Prime Minister Narendra Modi.

Photographer: Hindustan Times
Updated on

Prime Minister Narendra Modi’s government surprised investors by saying it will sell part of its stake in the state-run behemoth Life Insurance Corp. of India to meet its record asset-sale target.

Investors likened the proposal to Saudi Aramco, which in December raised about $25 billion in the world’s biggest-ever initial public offering, and overtook Microsoft Corp. and Apple Inc. as the most valuable listed company. India is targeting to sell the stake in the year starting April 1, Tuhin Kanta Pandey, secretary for disinvestment said in an interview.