India's cabinet approves up to 20% foreign investment in IPO-bound insurer LIC

India's cabinet approves up to 20% foreign investment in IPO-bound insurer LIC

FILE PHOTO: A bird flies past the logo of Life Insurance Corporation of India (LIC) at one of its offices in New Delhi, India September 14, 2021. REUTERS/Anushree Fadnavis

India’s cabinet approved on Saturday a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said, a change aimed at easing the listing of the state-run insurer.