One of India's largest planned initial public offerings — that of state-owned Life Insurance Corporation — is on track for March, the country's revenue secretary, Tarun Bajaj, told CNBC's Tanvir Gill.
During this week's budget announcement for the fiscal year starting on April 1, the government set a modest disinvestment target of 650 billion rupees . For the current year, it revised down its target from 1.75 trillion rupees to 780 billion rupees. While the size of the float is still not known, a successful IPO for India's largest insurer could go a long way in helping the government meet its disinvestment targets for the fiscal year that ends on March 31.
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