The Finance Minister Nirmala Sitharaman on Saturday presented the budget in the parliament and in the speech she said the government would sell a part of its holding in Life Insurance Corporation of India through an initial public offering.
The government set a divestment target of Rs 2.1 lakh crore for FY21 against Rs 1.05 lakh crore target for the ongoing financial year.
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In the budget speech, she also proposed to sell the government’s remaining stake in IDBI Bank.
LIC was established in 1956 and is fully owned by the Government of India.