The country’s largest insurance company Life Insurance Corporation (LIC) and Employees’ Provident Fund Organization (EPFO) have expressed a great desire to set up a fund for start-ups with the aim of helping budding entrepreneurs.
New Delhi, PTI. The country’s largest insurance company Life Insurance Corporation (LIC) and Employees’ Provident Fund Organization (EPFO) have expressed their desire to set up a fund for start-ups with the aim of helping budding entrepreneurs.
Anil Agarwal, Additional Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), said that it has been decided that Small Industries Development Bank of India (SIDBI) will create a portal for the purpose of start-up financing. These issues came up in the meeting of the National Startup Advisory Council.
Agarwal said that several initiatives are being taken to strengthen the ecosystem of start-ups in the country. He said that about 16 programs have been identified for this sector and it has been shared with all the members of the Council. Agarwal also said that SoftBank India chief Manoj Kohli wants to run a national conservation programme.
He said that the chairman of LIC was there in the meeting. He committed to setting up a fund for start-ups. Agarwal also said that the EPFO has also expressed its desire to set up a similar investment fund for start-ups.
Let us tell you that the way for LIC’s Initial Public Offer (IPO) has been cleared. According to sources, in July, the Union Cabinet had approved amendments to the General Insurance Business Act, 1972. With this, private companies will be able to participate in government insurance companies established in the insurance sector. The government has given this approval to sell its stake in LIC.
The Department of Investment and Public Asset Management (Dipam) had appointed actuarial company Milliman Advisors LLP India to work out the underlying value of LIC ahead of its initial public offering (IPO). It is being called the biggest IPO in Indian corporate history.
