The Indian government is looking to raise 110 billion rupees by selling shares in five public sector general insurance companies in IPOs, Press Trust of India reported Feb. 2, citing information in the union budget.

The capital raising would help the government meet its disinvestment target of 725 billion rupees in fiscal 2017-2018.

The government has already approved plans to list the five general insurers and reduce its stake in the companies to 75% from 100%. The insurers are New India Assurance Co. Ltd., National Insurance Co. Ltd., Oriental Insurance Co. Ltd., United India Insurance Co. Ltd. and General Insurance Corp. of India.

As of Feb. 1, US$1 was equivalent to 67.45 Indian rupees.