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As part of divestment of public sector entities, Finance Minister Arun Jaitley today said the government will merge three general insurance firms into one and subsequently list the entity on stock exchanges. “Three public sector general insurance companies - National Insurance Co Ltd, United India Assurance Co Ltd and Oriental India Insurance Company - will be merged into a single insurance company and be subsequently listed,” he said while presenting the Budget 2018-19 in Parliament today.
The minister said the government has begun strategic disinvestment in 24 public sector units (PSUs), including national carrier Air India. As part of divestment of stake in its general insurance firms, the government diluted stakes in New India Assurance Co Ltd and and General Insurance Corporation of India last year.
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