Also known as Life Insurance Corp of India, Life Insurance Corp. of India, LIC
Life Insurance Corporation of India (LIC) is India's state-run life insurer, whose shares trade on Indian stock exchanges while the government remains its majority owner.
LIC and the Indian government jointly controlled IDBI Bank. On October 14, 2026 the government said the two would sell a combined 60.7% stake in IDBI to Canada's Fairfax Financial Holdings and keep about 34%, subject to Reserve Bank of India approval.
India's government said Fairfax Financial Holdings will buy a combined 60.7% stake in IDBI Bank from the government and state-run Life Insurance Corporation of India, at 81 rupees a share. Reuters valued the deal at 528.78 billion rupees, about $5.56 billion, and called it India's biggest cross-border bank deal. The sale still needs Reserve Bank of India approval.