Centre to scrap 51% holding clause to privatise insurer

The draft Bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding, official sources told TOI. Foreign investors will be able to hold up to 74% in the divested general insurance firm subject to Indian management and control, government sources said, while ruling out any plan to sell New India Assurance or GIC.

from Banking/Finance-Industry-Economic Times https://ift.tt/2WkBvo9