Indian government will come out with a revised foreign direct investment (FDI) policy to facilitate disinvestment of the country’s largest insurer, Life Insurance Corporation (LIC), Trend reports citing India Today.
A top government official confirmed to news agency PTI that the commerce and industry ministry is making changes to FDI policy for LIC disinvestment after taking views from the finance ministry.
Anurag Jain, a secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), said the current policy related to the sector will not facilitate the disinvestment process of LIC, and that’s why it needs a revision.
"We are working on further simplification of the FDI policy. A very important point for further simplification is required urgently as we have to do the LIC disinvestment. So, we would be coming out with a revised FDI policy which will facilitate LIC disinvestment," Jain said.
The matter is being discussed with the Department of Finance Services and the Department of Investment and Public Asset Management (DIPAM).