The Division of Funding and Public Asset Administration (DIPAM) will quickly subject a Request for Proposal (RFP) to nominate an actuary for figuring out the Indian Embedded Worth (IEV) for Life Insurance coverage Company of India.
The IEV is a measure of the consolidated worth of shareholders’ curiosity within the life insurance coverage enterprise inside the which means of the Insurance coverage Act, 1938, and relevant IRDAI laws.
“IEV is considered one of pre-condition of the IPO for LIC and that must be decided by an impartial actuary,” a prime Finance Ministry official advised BusinessLine.
The official additionally mentioned this is without doubt one of the processes being finalised together with different necessities for IPO The official didn’t rule out the potential for the IPO being shifted to the subsequent fiscal.
IRDAI laws require an applicant firm to file the ‘Embedded Worth’ earlier than an IPO. The valuation report must be ready by an impartial actuary and peer reviewed by one other skilled.
No extension for BPCL bid
The official additionally hinted that there is probably not any additional extension for submitting the Expression of Curiosity (EoI) to purchase a controlling stake in Bharat Petroluem Company Ltd (BPCL).
“I don’t see additional extension for submitting the EoI to purchase Authorities’s stake in BPCL,” the official mentioned. The federal government plans to promote all its practically 53 per cent stake in BPCL (besides BPCL’s 61.65 per cent stake in Numaligarh Refinery). The fourth extension ends on November 16.
The official mentioned even the customer for strategic disinvestment in Numaligarh has been recognized and it is without doubt one of the Central Public Sector Enterprise, nonetheless, there isn’t any plan to finish the method independently or earlier than BPCL. “We don’t wish to create disruptions right here as BPCL already initiated some venture within the refinery,” he mentioned whereas emphasising that there can be co-ordinated effort.
Total strategic disinvestment
The official mentioned the strategic disinvestment plan is again on monitor. “There have been delay on account of the pandemic, however now that delay isn’t anticipated to be extended,” he mentioned. Strategic sale of Central Electronics Ltd and two vegetation (Salem and Bhadrawati) are in a sophisticated stage.
He additionally mentioned the method of issuing EoIs for strategic sale of Bharat Earth Movers Ltd (BEML), Neelachal Ispat Nigam Ltd (NINL), CONCOR, Delivery Company and Pawan Hans is on and anticipated to be launched quickly.
Additionally learn: LIC expects good progress this fiscal