LIC IPO plan: Union up in arms against Union Budget

New Delhi, Feb 04: Employees’ union of LIC has strongly opposed the government’s plan to sell a part of its holding in the country’s largest financial institution through a public issue.

“The government proposes to sell a part of its holding in LIC through an initial public offer,” Finance Minister Nirmala Sitharaman said on Saturday while presenting the Budget for 2020-21.

“LIC has always been the last resort for funding for other public sector entities. We strongly oppose the government’s proposal to sell a portion of its holding in LIC,” All-India Life Insurance Employees Federation General Secretary Rajesh Nimbalkar told PTI.

Further, he said the government’s move is against the interest of the public because growth of LIC is the sheer outcome of the dedication and faith of policyholders and its agents.