Cabinet okays 51% stake for LIC in IDBI

The Union Cabinet on Wednesday gave its approval to the government’s decision to reduce its stake in IDBI Bank below 50%, with Life Insurance Corporation raising stake in the bank to 51%. The boards of IDBI Bank and LIC have both given their approval for the deal.

This policy will enable the realisation of prospective hydrocarbon reserves in existing contract areas which otherwise would remain unexplored and unexploited, the government said. “With this policy dispensation, new investment in exploration and production (E&P) activities and chances of finding new hydrocarbon discoveries and resultant increased domestic production thereof is expected.”

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