Wednesday, May 5, 2010

Life Insurance Corporation of India acquired stakes in Tech Mahindra

On April 28, 2010, AT&T, the American telecom giant sold its 7% stake in Tech Mahindra to Life Insurance Corporation of India (LIC) which reduced AT&T’s stake in Tech Mahindra to 1%.

AT&T sold the stake for $168 million which it plans to invest in India and one of the sectors where the company is looking forward to invest is cloud computing. In a press release, the company said that it would also develop its tele-presence facilities in Bangalore and Delhi and with expanding infrastructure in Tier-I and II cities.

Founded in 1956, the Life Insurance Corp. of India is the largest life insurance company of the region. A government run organization, LIC is also the largest investor of the country funding close to 24.6% of the government expense. It has an estimated asset of Rs.8 trillion ($178.4 trillion).

LIC is headquartered in Mumbai, the financial capital of India. Currently, LIC has eight zonal offices and 101 divisional offices located in different parts of India. It has 2048 branches located in different cities and towns including satellite offices attached to about 50 branches. The company has about 1.2 million agents across the country.

Related article:

Daily Metro News

No comments:

Post a Comment