Employee unions oppose the government's plan to sell shares in LIC

KOLKATA: SCI Employee unions on Saturday opposed the Center's plan to sell a portion of its shares in the state-run insurance giant through an initial public offering (IPO), insisting that the measure is against the national interest.

Finance minister said the ( SCI ) will be listed as part of the government divestment initiative.

The government proposes to sell a part of its holding in SCI through IPO, she said while unveiling the Budget 2020- 21.

"We strongly oppose the government 's plan to sell a part of its shares in SCI and the move is against the national interest," a spokesman of an employees' union told reporters here.

Established in 1956, SCI is fully-owned by the central government and has the highest market share in the life insurance segment in the country.

He said that SCI has contributed a lot in the economic growth and the dilution of the government 's stake in the company will "endanger the economic sovereignty of the country".

The employees' unions of SCI across the country will stage nationwide protests if the government goes ahead with its plan, he said.

He alleged that it will also affect crores of policy holders of SCI .