Page 10 - Insurance Times September 2021

LIC of India News

Mini Ipe takes charge as at least three public sector disinvest- stake in National Fertilizers where it
ment transactions before rolling out holds 74% stake and will sell 10% each
MD
the mega initial public offer (IPO) of in Rashtriya Chemical & Fertilisers and
Mini Ipe has taken charge as Manag- Life Insurance Corporation of India defence PSU Mishra Dhatu Nigam
ing Director of Life Insurance Corpora- early next year, a finance ministry offi- (Midhani) where it holds 75% and 74%
tion of India on August 02, 2021. She cial said. stakes, respectively, the person said.
was appointed as Managing Director
At least three firms - National
vide Government of India notification Fertilisers Ltd, Mishra Dhatu Nigam LIC listing likely by Q4 FY22
dated 5th July, 2021.
Ltd and Rashtriya Chemical & Fertiliz- Public listing of Life Insurance Corpora-
Mini Ipe is a post graduate in Commerce ers Ltd - will be divested through offer tion of India, which is likely to be the
from Andhra University and has joined LIC on sale, or OFS, route within the next largest for Indian markets, is expected
in 1986 as a Direct Recruit Officer. She quarter, the official said. in the fourth quarter of the ongoing
has rich and diverse experience in LIC "We expect that the LIC offer should financial year, department of invest-
having worked in various capacities. Prior
hit the markets early next year, so by ment and public asset management
to taking charge as Managing Director,
that time we should be able to com- secretary TK Pandey said.
she was Executive Director, Legal De-
plete these issues as already necessary He added that the ongoing strategic
partment, LIC of India.
approvals are in place," he said. disinvestments of Bharat Petroleum
Mini Ipe was the first woman Zonal
Earlier this month, the cabinet com- Corporation Limited and Air India were
Manager (In-charge) of LIC and headed
mittee on economic affairs, or CCEA, likely to conclude within this fiscal.
SCZO, Hyderabad. She has also worked
gave its in-principle approval to list LIC. "This should be the largest issue India
as Executive Director (International
Operations), Director & CEO of LICHFL A 10% stake sale in the insurer could has seen. That's our estimate," he said
Financial Services Ltd. and was instru- fetch around Rs. 1-1.5 lakh crore as in response to a question from SBI capi-
mental in taking LICHFL Financial Ser- per industry estimates. The govern- tal Markets MD Arun Mehta. "That's
vices Ltd. to new heights in business ment is simultaneously pursuing stra- what I see in the last quarter," he said
revenue and profits during her tenure. tegic disinvestment in companies such when asked about the timing of the
She has also worked as Regional Man- as Air India and BPCL. listing.
ager (P&IR) and Regional Manager "We expect a good response for these The government expects LIC's initial
(Estate) of Western Zone. OFS issues," the above-quoted official public listing to fetch around Rs. 1 lakh
said, adding that it may also launch the crore while strategic sale of BPCL is
Govt. to selloff 3 PSU be- initial public offer of WAPCOS Limited likely to bring in Rs. 75,000-80,000

fore LIC IPO where it plans to offload 25% stake. crore.
The government is looking to complete The government will disinvest 20% Pandey backed privatisation of govern-

10 The Insurance Times, September 2021