India's finance ministry will seek Cabinet approval forlisting of state-owned general insurers after finalizing details in the nexttwo months, Mint reported Oct. 9,citing "people familiar with the matter."

The ministry is working to finalize details like how muchstake will be diluted in the proposed IPOs, the people said. The news reportcame months after the government in February proposed to list New India Assurance Co. Ltd., ,United India Insurance Co.Ltd. and as part of efforts to strengthen the financial sector.

In 2015, the government decided to the foreign investment cap in thecountry's insurance sector to 49% from 26%.