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Govt gives nine-month extension to LIC Chairman Kumar

The government has given a nine-month extension to LIC Chairman M.R. Kumar till March next year in view of the insurer’s proposed initial public offer towards the end of the current fiscal.

In her Budget Speech 2021, Finance Minister Nirmala Sitharaman said the Initial Public Offer (IPO) of LIC would be floated in 2021-22 as part of the ambitious ₹1.75 lakh crore disinvestment target.

The government has approved the proposal of the Department of Financial Services for extending the term of Mr. Kumar from June 30, 2021 till March 13, 2022, the date when he completes three years, sources said.

The sources said the rules under the Life Insurance Corporation Act, 1956, have been amended to provide extension beyond 60 years in view of the ongoing preparation for the IPO, they added.

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