India eyes investment and IPOs for five insurers

India currency

India could launch IPOs for up to five state owned insurers this year.

In its budget published last week the Indian government said it would sell up to 25% stakes in state-owned New India, United India Insurance, Oriental Insurance, National Insurance and reinsurer General Insurance Corp of India in the financial year starting in April.

Bankers expect the sales, which could raise as much as $1.6bn (£1.3bn), to happen by the end of this year.

India's cabinet approved the sales in January, and the government plans to cut their stakes in the insurers to around 75% from 100%.

The Indian government is expected to appoint banking advisers within the next couple of months.

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