The purpose of LIC is to announce the acquisition before 31 March, marking a significant expansion in the growing health insurance market.
Mohanty clarified that LIC would not have a majority stake in the company that receives it.
The move is expected to strengthen the presence of LIC in the insurance sector, which takes advantage of its giant customer base and distribution network.
“We have some expertise in the field, although our products have a definite advantage rather than compensation like Mediclaims. We are searching for both organic and inorganic opportunities, including potential acquisitions to establish the presence in the health insurance market,” said Mohanty.
Meanwhile, LIC shares were trading 0.83% more on BSE at the time of writing this report.
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