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On March 11 LIC is expected to undertake an initial public offering (IPO)

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Three sources with direct knowledge of the subject told Reuters that India’s state-run Life Insurance Corp (LIC) will begin a public offering of shares on March 11 for anchor investors, which is expected to be the country’s largest yet at $8 billion.

Other investors would be able to bid on the book after a few days, according to the sources.

BAND OF LIC IPO PRICES

The LIC IPO is anticipated to receive regulatory approval by the first week of March, after which an indicative marketing price band would be created, according to the sources, who declined to be identified since the deal discussions are confidential.

LIC did not respond to a request for comment. A Reuters request for comment was not immediately returned by a representative for the finance ministry.

INDIA’S MAJOR INITIAL PUBLIC OFFERING

The IPO of the insurer will be a test of the depth of India’s financial markets, where equity deals for more than a few billion dollars are uncommon. Last year, payments company Paytm had the largest IPO to date, valued at $2.5 billion.

Investor demand for new stock offerings has been dampened by LIC’s offering, with several Indian businesses that floated last year trading below offer prices due to concerns about high valuations and impending interest rate hikes by central banks.

According to the sources, the IPO debut date may vary, but the issuer is currently trying to meet those deadlines.

DETAILS OF THE LIC INITIAL PUBLIC OFFERING

On Sunday, LIC, India’s largest insurance business, submitted a draught IPO prospectus with the stock exchange regulator, proposing to sell 5% of the Indian government’s holding to raise roughly $8 billion.

LIC could begin offering public shares by mid-March, according to sources who spoke to Reuters last month. They didn’t go into detail.

The government is rushing to complete the IPO by the end of March to achieve its 6.4 per cent of GDP budget deficit target for 2021/22, which is predicated on generating roughly 600 billion Indian rupees ($8.03 billion) from the offering.

New Delhi cut its divestment and privatisation ambitions for the fiscal year ending March 31 from 1.75 trillion rupees to 780 billion rupees.

It has only raised 120 billion rupees so far by selling stakes in state-run enterprises such as Bharat Petroleum Corp Ltd and two banks.

Investor roadshows for the sale, which is expected to be the world’s third-largest insurance IPO at $8 billion, began earlier this week, according to two sources.

The deal’s book-running lead managers include SBI Caps, Citigroup, Nomura, JPMorgan, Goldman Sachs, and five additional domestic and foreign investment banks.

According to fund managers and experts, LIC’s imminent initial public offering has hammered shares in other listed Indian insurers as investors decrease their holdings to make place for the state-owned giant.

With over 280 million policies, the 66-year-old firm leads India’s insurance sector. In 2020, the most recent year for which statistics are available, it was the fifth-largest worldwide insurer in terms of insurance premium collection.

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Navi Mumbai Railway Stations Continue to Face Cleanliness and Maintenance Issues

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Commuters complain of garbage, unhygienic toilets, encroachments and poor infrastructure despite the city’s cleanest-city ranking, transfer of maintenance responsibilities to Central Railway remains underway.

The Railway

Despite Navi Mumbai being recognised as India’s cleanest city, several railway stations across the city continue to struggle with cleanliness and maintenance issues, causing inconvenience to daily commuters.

Stations at Vashi, Sanpada, Juinagar, Nerul, Seawoods-Darave, Belapur, Kharghar, Airoli, Ghansoli and Koparkhairane have reportedly been facing problems such as improper garbage disposal, unhygienic toilets, poorly maintained footpaths and inadequate lighting. Commuters have also raised concerns over unauthorised hawkers occupying footpaths, forcing pedestrians to walk on busy roads. Unregulated auto-rickshaw parking has further contributed to traffic congestion outside several stations.

In August 2026, the transfer of 17 railway stations developed by CIDCO to Central Railway was completed. However, CIDCO’s existing cleanliness contracts continued until September 30, with Central Railway scheduled to take over the responsibility from October 1. Seawoods-Darave station has also received complaints regarding waterlogging, construction debris, garbage accumulation and poor toilet maintenance. Passengers have expressed concerns over the condition of lifts, footbridges and other facilities.

Central Railway Chief Public Relations Officer Dr Swapnil Nila said the transfer of cleanliness responsibilities was still underway due to pending contractual and staff-related procedures. He added that some cleaning and repair work had begun and improvements would become visible after the transition was completed. Commuters are expecting authorities to take urgent steps to improve station cleanliness and passenger facilities.

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NMMC Removes Five Unauthorized Stalls Near L.P. Circle Flyover in Nerul

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Civic anti-encroachment drive conducted on November 13 following complaints of traffic obstruction and inconvenience to pedestrians.

The Stalls

The Navi Mumbai Municipal Corporation (NMMC) removed five unauthorised commercial stalls along the highway near the flyover at L.P. Circle in Shivajinagar, Nerul, on November 13.

The action was taken following complaints that the stalls were obstructing vehicular movement and causing inconvenience to pedestrians.

The drive was conducted on the instructions of Municipal Commissioner Dr Kailas Shinde and under the guidance of Deputy Commissioner Sukhdev Yedve of the Encroachment Department. Nerul Administrative Officer Chanda Gaikwad led the operation. The civic administration deployed eight labourers, two Hydra cranes, two dumpers and a trailer to carry out the removal work.

Officials and staff from the Nerul Encroachment Department, along with security personnel and local police, assisted in the operation to ensure that the drive was conducted smoothly. The action is part of the civic body’s efforts to remove unauthorised structures from public spaces and ensure smoother traffic movement and safer pedestrian access in the city.

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Defunct Streetlights Plunge Ghansoli’s Central Park into Darkness

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Residents raise safety concerns as several lights remain non-functional for nearly two months, NMMC awaits approval for repair work.

The Lights

A major portion of Central Park in Sector 3, Ghansoli, opposite Ghansoli railway station, has been plunged into darkness due to non-functional streetlights, raising safety concerns among residents.

The 10-acre recreational space attracts several visitors, particularly during weekends. However, residents said several streetlights across the park have remained defunct for nearly two months, leaving large stretches poorly illuminated after sunset.

Social activist Abhijit Patil said nearly half of the park remains in darkness, creating opportunities for anti-social activities and making the premises unsafe for visitors. Sushma Pawar, a Sector 5 resident who regularly visits the park with her children, expressed concern about their safety. She said the lack of lighting could make it difficult to locate a missing child and has made her hesitant to visit the park.

Another resident, Moumita Das, alleged that poorly lit areas have become spots for smoking and other inappropriate activities. She added that women feel uncomfortable walking through the park during evening hours. Residents claimed that despite repeated complaints to the Navi Mumbai Municipal Corporation’s (NMMC) Electrical Department, no repairs have been carried out.

NMMC Electrical Engineer Moraskar said a proposal for repairing and replacing the defunct lights had been forwarded to senior authorities and approval was awaited. He assured that the work would begin immediately after approval. Residents have urged the civic administration to expedite the process and restore lighting to ensure the safety of women, children and senior citizens.

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