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Centre considering United India, GIC Re for privatisation

Centre considering United India, GIC Re for privatisation
Centre considering United India, GIC Re for privatisation
Finance minister Nirmala Sitharaman had said in her budget speech that the government will take up two public sector banks and one general insurance company for privatisation in FY22.

Synopsis

GIC Re, of which the government holds 85.78%, is listed. Apart from United India, the government has three other general insurance companies in its fold—National Insurance, New India Assurance and Oriental Insurance.

New Delhi: The government is considering the privatisation of United India Insurance and debating whether reinsurer General Insurance Corp. of India (GIC Re) should also be divested, people aware of the matter told ET.The finance ministry and Niti Aayog will together finalise the general insurer that will be considered for privatisation, a senior government official said.Finance minister Nirmala Sitharaman had said in her budget speech that the
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