Anil Singhvi speaks to LIC MD Mukesh Gupta on its Rs 29,000 crore profit booking, plan to invest Rs 5 lakh crore and IPO

Zee Business Managing Editor Anil Singhvi in the popular ‘NewsParViews' show today spoke to Life Insurance Corporation of India (LIC) Managing Director Mukesh Kumar Gupta on a range of issues including LIC profit, business plan, upcoming IPO and much more. Here are edited excerpts:

Talking about business of the Indian state-owned insurance group, LIC Managing Director said the company has booked a profit of Rs 29,000 crore so far this year, a record in the history of the company. “We are a long-term investor and we invest our funds where we see value creation in long-term. We had a good investment opportunity this year and even our equity portfolio has seen growth. We have crossed Rs 29,000 crore figure this year in terms of profit booking. If opportunity continues to come our way, we intend to earn even more profit this year.”

#ZBizExclusive | इस साल LIC ने अब तक बाजार से की 29 हजार करोड़ की रिकॉर्ड कमाई.. #NewsParViews में मैनेजमेंट ने कहा- इस साल पांच लाख करोड़ के निवेश का लक्ष्य

पूरा इंटरव्यू यहां देखें- https://t.co/1yQjqMwj58#LIC #IPO #MukeshGupta @LICIndiaForever pic.twitter.com/HKmUQGsQjb

— Zee Business (@ZeeBusiness) December 18, 2020

Talking about record profit booking of Rs 29,000 crore this year, he said, “This is a process. We have a research team that looks at valuation and suggests us to take benefit of the opportunity. We book profit when we deem it fit and invest when its time to sell. Profit booking and investment go hand in hand and we act on suggestions provided by our research team.”

Talking about future plan, Gupta said the company has so far invested Rs 3,58,000 cr and intends to take that investment further to above Rs 5 lakh crore. “Usually, our equity investment is 15 to 20 per cent. However, these all depend on market conditions and we will invest as per the opportunity and situation,” LIC MD said

About LIC IPO, he said the process of IPO is being monitored by Department of Investment and Public Asset Management (DIPAM) under the Finance Ministry. “The process is on. It is moving smoothly. However, the timeline and other things will be communicated/decided by DIPAM,” he added.  
 

See Zee Business Live TV Streaming Below: