3 Government Insurance companies would be Merged and Listed

New Delhi Feb 2: Finance minister Arun Jaitley on Thursday has presented the budget.The FM has also announced a roadmap for disinvestment for the 2018-19.

Jaitley has announced that "2017-18 budget estimates for disinvestment were pegged at the highest ever level of Rs 72,500 crore. We have already exceeded the budget estimates. I am assuming receipts of Rs 1,00,000 crore in 2017-18".

FM has added that "Capital of the Food Corporation of India will be restructured to enhance equity and to raise long-term debt for meeting its standing working capital requirement."

He also said that "the Government has approved the listing of 14 CPSEs, including two insurance companies, on the stock exchanges. The Government has also initiated the process of strategic disinvestment in 24 CPSEs. This includes strategic privatization of Air India."

Jaitley added that "Three public sector general insurance companies National Insurance Company Ltd., United India Assurance Company Limited and Oriental India Insurance Company Limited will be merged into a single insurance entity and will be subsequently listed."

"I am setting the disinvestment target of Rs.80,000 crore for 2018-19," he added .