India
On March 11 LIC is expected to undertake an initial public offering (IPO)
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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Residents Urge Ganesh Naik to Relocate Amazon Data Centre Away from Neighborhood
Local citizens express deep concerns over constant noise, extreme heat generation, and safety risks near homes.
The Urge
Growing anxieties over industrial development encroaching on residential peace have prompted local citizens to seek political intervention against a major technology infrastructure project. Residents have formally approached senior leader and MLA Ganesh Naik, urging him to push for the relocation of a proposed Amazon data centre away from their living spaces.
The planned facility has triggered strong pushback from neighboring families who fear the severe, round-the-clock environmental toll of high-density computing infrastructure. Among their primary concerns are the massive cooling systems and heavy-duty backup generators required to run the facility, which residents warn will produce relentless noise pollution and significantly raise local temperatures.
Additionally, community members raised red flags regarding safety risks, the immense drain on local electricity grids, and the overall decline in neighborhood quality of life. Pushing for a sensible resolution, the residents requested Naik to take up the matter with municipal and state authorities to shift the data centre into a designated industrial zone or a non-residential sector.
“Living right next to an industrial-scale facility jeopardizes our peace, safety, and daily living conditions,” expressed a concerned resident, emphasizing that heavy tech infrastructure belongs far from residential quarters.
As public pressure mounts, residents hope local leadership will successfully intervene to protect their community’s environment and residential character.
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Shiv Sena Opposes Turbhe Waste-to-Energy Project Over Corruption Allegations
Party leaders demand cancellation of the Rs 2,200 crore tender, alleging contractor irregularities and health risks to local residents.
The Project
A major political controversy has erupted around the Navi Mumbai Municipal Corporation (NMMC) following strong opposition from Shiv Sena leaders against the proposed Waste-to-Energy project at the Turbhe dumping ground. The project, designed to generate compressed biogas (CBG) from city garbage, has run into severe pushback over claims of massive financial irregularities.
Speaking out on behalf of local communities, Shiv Sena corporator Aniket Mhatre accused municipal officials and political figures of orchestrating a Rs 2,200 crore scam through flawed tender procedures. Party members claim that the selected contractor fails basic eligibility criteria, suggesting that rules were intentionally bypassed during the bidding phase to favor specific interests.
Beyond financial concerns, local leaders highlighted the growing health hazards faced by residents living near the Turbhe site. Pushing for long-term relief, Shiv Sena has urged the Environment Minister to intervene, initiate a formal technical probe into the tender process, and penalize any non-compliant contractors involved.
“We cannot allow public health and civic funds to be compromised,” stated Mhatre, insisting that the entire contract be scrapped and the dumping facility relocated far away from residential zones. With Shiv Sena demanding immediate cancellation of the project, mounting political pressure could force NMMC to re-evaluate its plans for the Turbhe facility.
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MNS Threatens Protests Over Unpaid Allowances for Navi Mumbai Civic Workers
Party sets deadline for NMMC to clear long-pending dues, warning of citywide agitations if demands remain ignored.
The Protest
A growing dispute over unpaid allowances has pushed municipal sanitation staff, contract workers, and civic employees to the brink of a major showdown with the NMMC. Stepping in on behalf of the struggling workforce, the Maharashtra Navnirman Sena (MNS) has issued a stern ultimatum to civic authorities: clear the financial backlogs immediately or face aggressive street protests.
For months, essential municipal workers many of whom form the backbone of the city’s daily sanitation and administrative operations have been waiting on crucial arrears. These include pending festival bonuses, hazard allowances, and overtime payments that remain tangled in administrative red tape. Labor leaders allege that despite repeated appeals, municipal leadership and third-party contractors continue to push back payouts, leaving hundreds of low-income families in distress.
Taking up the mantle through its labor union wing, the Maharashtra Navnirman Kamgar Sena, MNS representatives formally handed a memorandum of demands to the NMMC Commissioner. Party leaders warned that patience among the workforce has worn thin.
“These workers keep the city running every single day, yet they have to fight for basic wages and earned allowances,” said a party spokesperson. “If NMMC administration does not settle these dues without further delay, we will take to the streets and shut down operations at headquarters.”
While NMMC officials maintain that administrative procedures are underway to resolve the billing discrepancies, the threat of an imminent agitation leaves Navi Mumbai facing potential disruption to its essential public services.
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