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Report: India may conduct general insurers' IPOs by December

The Indian government is expected to conduct the planned IPOs of five general insurers by December, Reuters reported Feb. 2, citing unnamed bankers.

The government could engage advisers for the share sales within months, the bankers said.

India is looking to raise 110 billion rupees by selling unspecified stakes in five public sector general insurance companies: 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. 2, US$1 was equivalent to 67.19 Indian rupees.