Vijayawada

Centre’s move to disinvest stake in LIC draws flak

A round-table organised by the Insurance Corporation Employees' Union (ICEU) here on Sunday took strong objection to the proposed disinvestment of the Central government's stake in Life Insurance Corporation of India (LIC).

Addressing the participants, CPI (M) leader and Rashtra Poura Samkshema Sangham convener Ch. Babu Rao said the LIC has been a major investor in the country's infrastructure and providing security to over 40 crore policy-holders but the Centre has resolved to pull out it's stake for the reasons which the Centre should explain.

The Central government was getting ready for an Initial Public Offering of the LIC notwithstanding the nationwide protests.

If the LIC was listed on the stock-exchanges and the Centre managed to offload its stake, the consequences for the economy would be serious, Mr. Babu Rao said.

South Central Zone Insurance Employees' Federation joint secretary G. Kishore Kumar, APNGOs' Association leader A. Vidyasagar and representatives of various organisations and trade unions took part in the round-table.

This article is closed for comments.
Please Email the Editor

Printable version | Oct 30, 2020 1:23:02 PM | https://www.thehindu.com/news/cities/Vijayawada/centres-move-to-disinvest-stake-in-lic-draws-flak/article32656922.ece

Next Story