LIC employees oppose disinvestment, IPO
The Hindu
Employees of the Life Insurance Corporation of India staged a demonstration in the city on Thursday against the proposed floating of Initial Public Offer (IPO) to sell the government’s stakes in the insurance company .
The IPO offer was announced in the Union Budget and it was also proposed to increase the Foreign Direct Investment from 49 per cent to 74 per cent in the insurance sector. The employees have expressed concern that this would amount to privatisation of a public sector insurance company and described it as an ‘anti-people’ move.
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