India readies bill to privatised state-owned general insurer: report

The bill seeks to remove the 51% floor on government holding.

The government is readying a proposal to amend insurance law in a bid to one of its privatised three unlisted general insurance companies, a report from Times of India said.

The report said that a bill is being proposed that will remove the 51% floor on government holdings. Government sources said that foreign investors may be able to hold a stake of up to 74% in the divested general insurance firm subject to Indian management and control, government sources say.

The government aims to pass the bill later in the year to make way for the privatisation of the country’s insurance company sometime in 2022.