Cabinet approves up to 20% FDI in LIC: Source

The Cabinet approved on Saturday a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said, a change aimed at easing the listing of the state-run insurer.India’s biggest insurance company plans to float a stake of 5% to raise about $8 billion next month for the south Asian nation’s largest initial public offering (IPO) by far.

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