Finance minister Nirmala Sitharaman, in the Budget 2021 speech, announced that the initial public offering (IPO) of Life Insurance Corporation of India (LIC) will be out in FY22.

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Legislative amendments for the LIC IPO will be launched in the Parliament in the Budget session itself, added Sitharaman. The government will need Parliamentary approval to facilitate the sale of the LIC stake.

"We would also bring the IPO of LIC in 2021-22, for which I am bringing the requisite amendments in this session itself," Finance Minister Nirmala Sitharaman said in her Budget speech.

The government plans to eventually offload 25 percent of its stake in LIC through multiple tranches

She further announced that the government will start the process of privatisation for two more public sector banks, other than IDBI Bank, and two insurance companies in the financial year 2021-22,

"Other than IDBI we plan to take up 2 more banks for disinvestment. All divestments announced so far, including Air India, BPCL, CONCOR, Pawan Hans, to be completed by 2022," she said.

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(Edited by : Pranati Deva)