Finance minister Arun Jaitley speaks to the media as he enters to present the Union Budget at the Parliament in New Delhi on Thursday. Photo: Pradeep Gaur/MintMumbai: Three public sector insurance companies—The Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd— will be merged into a single insurance company and listed on the bourses, finance minister Arun Jaitley announced in the Union Budget on Thursday. It is just a continuation of that trend in the insurance sector,” Bodke added. The government has initiated strategic disinvestment in 24 public sector undertakings (PSUs), including flag carrier Air India. The Indian equity market’s largest institutional investor, Life Insurance Corporation of India (LIC), had bought 8.42% and 8.67% stake respectively in General Insurance Corp. and New India Assurance Co. during their IPOs.

Source: Mint February 01, 2018 08:03 UTC