Insuring the budget

Apart from insuring the lives of around 20 million Indians, LIC has found a brand new business, that of insuring the budget. When the government of India found that it had no takers for its proposed R12,000 crore sale of ONGC shares, vital for meeting its R40,000 crore disinvestment target, it pressed LIC into action. Figures filed with the stock exchanges on Monday now make it clear LIC bought 37.7 crore of the 43.4 crore ONGC shares on offer.

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