India to list LIC by current fiscal year end, says govt official

The central government expects to list state-owned Life Insurance Corp (LIC) by the end of the current fiscal year. Credit: iStock Photo

The central government expects to list state-owned Life Insurance Corp (LIC) by the end of the current fiscal year, and collect Rs 50,000 crore ($6.72 billion) as dividends from state-run companies, a senior finance ministry official said on Wednesday.

The government also expects to complete selling state-owned refiner Bharat Petroleum Corp Ltd and national carrier Air India in the current fiscal year that runs through March 2022, said Tuhin Kanta Pandey, secretary, department of investment and public asset management.

LIC is the biggest insurer in the country and is wholly owned by the government.