Ministry of Finance to Sell 6.78% Stake in General Insurance Corporation of India (GIC Re) for ₹4,700 Crore.

Banking & Finance

The Ministry of Finance has announced plans to sell a 6.78% stake in the General Insurance Corporation of India (GIC Re) for ₹4,700 crore. This divestment aims to raise funds and streamline government holdings in the public sector insurance company. The move is part of a broader strategy to reduce the fiscal deficit and improve the efficiency of state-run enterprises. The stake sale will be conducted through a public offering, and the proceeds will be utilized for various developmental projects and financial needs of the government.


      The stake sale reflects the government’s ongoing effort to divest non-core assets and optimize public sector investments.

      Proceeds from the sale will support government initiatives, including infrastructure projects and social welfare programs.

     

 

     


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