Selling a chunk of the insurer is Prime Minister Narendra Modi’s high-stakes move to tap the government’s largest store of wealth beyond the Reserve Bank of India’s so-called capital surplus, which bureaucrats occasionally raid. Although the tea-seller turned politician successfully struck a deal last year to offload debt-laden national carrier Air India to the Tata group, New Delhi routinely undershoots its budgeted target to raise money from asset sales.
Such shortfalls were disappointing before the pandemic struck, more so during the subsequent equity market bull run. Now it represents a growing risk to the government’s creditworthiness. The health crisis crimped revenue and forced additional spending. General government gross debt topped 90% of gross domestic product in 2021, per International Monetary Fund estimates. Trimming borrowing would help keep a lid on the bond yields that determine how much the country pays on its dues as the U.S.
Even so, it will be a slog to get the LIC deal across the finish line. Valuing the company and its hodgepodge of holdings is a gargantuan task for the appointed adviser. It’s the largest investor in the local stock market, owning 6% of Mukesh Ambani’s $225 billion Reliance Industries
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