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CREATING VALUE, SUSTAINING TRUST
Businessworld India
|February 11, 2023
UNDER THE ABLE stewardship of Mangalam Ramasubramanian Kumar (M.R. Kumar), Life Insurance Corporation of India (LIC) successfully launched and completed the largest Initial Public Offer (IPO) ever in the Indian capital markets raising in excess of Rs 20,000 crore.
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M.R.Kumar, Chairman, LIC
LIC, as the insurer is popularly known, is now amongst the top ten listed companies in India by market capitalisation. The IPO process was started when Finance Minister Nirmala Sitharaman announced a proposal to this effect in the Union Budget speech in 2021. LIC makes its debut in the BW Real 500 list of companies this year at the third position behind Indian Oil and Reliance Industries based on its total income, and other relevant parameters.
But LIC's journey through the fiscal year 2021-22 was riddled with challenges. The fiscal presented hurdles ranging from the Covid second wave and geopolitical tensions arising from the Russia-Ukraine conflict to hints of monetary tightening by US authorities, which together served to weaken the global economy.
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