The government has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitating the smooth listing of the insurance behemoth, according to reports.
The government has extended the tenure of one of the managing directors, Raj Kumar, for one year.
With the extension, M R Kumar will continue as chairman of LIC till March 2023, the reports said. This is the second extension for the LIC chairman.
Last year in June, M R Kumar was given a nine-month extension in a view of LIC’s proposed initial public offering towards the end of the current financial year.
The government had extended the term of M R Kumar from June 30, 2021, till March 13, 2022.
The government is looking to list LIC during the current financial year in line with the Budget announcement.
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