Centre to scrap 51% holding clause to privatise insurer

The draft Bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding, official sources told TOI. Foreign investors will be able to hold up to 74% in the divested general insurance firm subject to Indian management and control, government sources said, while ruling out any plan to sell New India Assurance or GIC.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/centre-to-scrap-51-holding-clause-to-privatise-insurer/articleshow/84748699.cms