The Central Government has given a nine-month extension to LIC Chairman M R Kumar till March next year in view of the insurer’s proposed initial public offer towards the end of the current fiscal.

In her Budget Speech 2021, Finance Minister Nirmala Sitharaman said the Initial Public Offer (IPO) of LIC would be floated in 2021-22 as part of the ambitious Rs. 1.75 lakh crore disinvestment target. The Government has approved the proposal of the Department of Financial Services for extending the term of Kumar from June 30, 2021, till March 13, 2022, the date when he completes three years, sources said.