New Delhi: In her fourth Budget presentation in the Parliament on Tuesday, Finance minister Nirmala Sitharaman said that the public issue of Life India Corporation (LIC) is expected shortly. India is in a strong position to withstand challenges, said the FM in her budget speech while stating that last year's budget has seen significant progress.
LIC’s IPO is seen as crucial in view of the Rs 1.75-lakh crore disinvestment target set for the current financial year ended March 2022. So far this fiscal, Rs 9,330 crore has been mopped up through PSU disinvestment.
The strategic transfer of ownership of Air India has been completed, stated the FM. Sharing details on the upcoming IPOs. she said the strategic partner for the Neelachal Ispat Nigam issue has been selected, LIC IPO is in the process others along with others.
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In fact, Sitharaman had also reviewed the progress of the IPO in a meeting with top officials of the ministry. The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, according to an official quoted in the PTI report.
As per the report, the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress. "We are hopeful of filing the DRHP (draft red-herring prospectus) with Sebi by month-end or early-February. One thing is for sure that IPO will come before the end of the current fiscal,” the official told PTI.
Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years, noted the FM in her Budget speech.