Govt to decide on the size of LIC IPO soon

The Centre will soon decide on the size of initial public offer of state-run insurance giant LIC, a top official said, asserting that the government will provide a fresh push to the privatisation of oil marketing firm BPCL, Shipping Corporation of India (SCI) and a clutch of other public sector units.
“LIC IPO will happen this year, we are planning that. Nothing stops us from going beyond the target of £7.8 billion,” Tuhin Kanta Pandey, secretary, department of investment and public asset management said. He said the budget estimate of £7.8 billion for disinvestment this year is an indicative estimate.
Pandey said the transaction for metals company Nilachal Ispat Nigam (NINL) will be completed as well. Tata Steel emerged as the winning bidder for NINL with a £1.21 billion bid. He said transactions for SCI, BEML were also in fairly advanced stage. “BPCL is another transaction where we are persuading the bidders to hurry up,” said Pandey, while detailing the impact of pandemic on asset sales programme. He said the climate change and energy transition issues and queries from bidders on these had also delayed the transaction.