A customer holds Indian rupee notes at a store (Photographer: Dhiraj Singh/Bloomberg)

Union Budget: Government To Merge Three General Insurers, List Subsequently

As part of divestment of public sector entities, Finance Minister Arun Jaitley today said the government will merge three general insurance firms into one and subsequently list the entity on stock exchanges.

Three public sector general insurance companies -- National Insurance Company Ltd., United India Assurance Company Ltd. and Oriental India Insurance Company -- will be merged into a single insurance company and be subsequently listed.
Arun Jaitley, Union Minister of Finance

The minister said the government has begun strategic disinvestment in 24 public sector units, including national carrier Air India.

As part of divestment of stake in its general insurance firms, the government diluted stakes in The New India Assurance Company Ltd. and and General Insurance Corporation Ltd. of India last year.