Chief Economic Adviser Krishnamurthy Subramanian expressed confidence that the listing of LIC would happen by the fourth quarter of this year.
“This year's budget has Rs 1.75 lakh crores as the proceeds from privatisation. Air India is proceeding well. You must have read that there are two bids that have come. Bharat Petroleum and LIC's listing is also, we are confident it should happen by the fourth quarter of this year," he said.
“I am quite confident that this year, history will look at as a very, very important year for privatisation," he said at an interactive session as part of 'PGPMAX Leadership Summit 2021' of Indian School of Business (ISB).
The government has recently appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC.
Subramanian, who was replying to a query on privatisation, talked about the 'Atma Nirbhar Bharat' policy and the key reform of promoting privatisation vis-a-vis public sector entities except for some strategic sectors.
Meanwhile, the government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on the upcoming mega IPO of India's largest insurance company LIC, an official said.
Four law firms — Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co — had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24.
Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC).
(With inputs from PTI)