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The Hindu
The Hindu
National
Special Correspondent

UNCOVERED: House passes resolution against lic ipo | History Defined

LIC

The Assembly on Wednesday unanimously passed a resolution against the initial public offering (IPO) of the Life Insurance Corporation (LIC), which is billed as the country’s biggest ever initial share sale.

The resolution moved by Chief Minister Pinarayi Vijayan urged the Centre to retain LIC in the public sector, dropping the disinvestment plan.

The asset of LIC -- ₹38.04 lakh crore -- is almost equal to the size of the annual budget estimate of the Centre. The public sector undertaking could invest ₹36.76 crore so far for the welfare of people and development of the country. With the disinvestment of LIC, the country would lose one of its largest resources in the public sector which could be utilised for the welfare of the country, the resolution said.

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