MUMBAI: 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.
Now comes the hard part. LIC, whose total assets of 31 trillion rupees exceed that of all Indian mutual funds combined, was set up under a special act in 1956. The government will have to amend the law, a process that may delay the sale beyond March 2021 and keep it from meeting its record divestment target of 2.1 trillion rupees.
The sale can fetch the government between 850 billion rupees to 900 billion rupees should the IPO get done this year, Credit Suisse analysts led by Neelkanth Mishra wrote in a note.
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