Exclusive: India likely to block Chinese investment in insurance giant LIC's IPO -sources

NEW DELHI : New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

"With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen," said one of the government officials, adding that Chinese investment in companies like LIC could pose risks. Aiming to solve budget constraints, Prime Minister Narendra Modi's administration is hoping to raise 900 billion rupees through selling 5per cent to 10per cent of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.

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