Life Insurance Corporation of India (LIC) is reportedly planning to acquire 5% stake in state-run power equipment maker BHEL in a block deal. The proposal initiate by the heavy industries & public enterprises ministry is now being processed by the disinvestment and financial services department of the finance ministry.
The ministry has been opposed to stock market sale of BHEL’s share by the government under its disinvestment programme that has been drastically pruned to Rs 19,027 crore from Rs 54,000 crore budgeted initially.
