Government to sell its stake in LIC, Employees’ Unions oppose move

February 1: Finance Minister Nirmala Sitharaman while presenting the Union Budget in the Parliament on Saturday said that the Life Insurance Corporation of India (LIC) will be listed as part of the government disinvestment initiative. The government proposes to sell a part of its holding in LIC through IPO, she said while unveiling the Budget 2020- 21. The government currently owns the entire 100 per cent stake in Life Insurance Corporation of India, which was established in the year 1956.

LIC employees’ unions on Saturday opposed the Centre’s plan to sell a part of its shares and termed the move as “against the national interest”.. As per reports, the employees’ unions of LIC across the country will stage nationwide protests if the government goes ahead with its plan.