Agency. India's Union Council of Ministers has approved the IPO of the country's largest insurance company (LIC). Following the IPO approval, a committee headed by Union Finance Minister Nirmala Sitharaman will now decide on the size and price of the IPO. At present, the Government of India has 100% investment in LIC. In addition, the committee will set a date for the IPO. This IPO will be the largest IPO in Indian corporate history.

LIC's IPO may come by the end of the current fiscal year 2021-22. A maximum of 10 percent of the size of the IPO will be reserved for policyholders. The government has already amended the law required for the proposed IPO.