NEW DELHI: LIC’s listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year.
Till now, the Centre has raised around Rs 12,000 crore from privatisation of Air India and stake sale in other PSUs.
To facilitate smooth listing of the insurance behemoth, the government last week extended the tenure of LIC chairman M R Kumar for one year.
Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for 12 months.
This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC’s proposed initial public offering towards the end of the current financial year.