Life Insurance Corporation plans to forge a joint venture for foraying into Australia and New Zealand markets.
"We have shortlisted some of the companies. The due diligence process is on," LIC chairman A K Shukla told
PTI but declined to name the companies.
Indications are that LIC is likely to tie up with New India Assurance and a local partner. LIC has decided to foray into overseas markets where New India Assurance has operations.
The government has provided Rs 280 crore (Rs 2.8 billion) to LIC in the budget for seed capital required for its overseas ventures.
If the deal in Australia materialises, it would be one of the third mature markets where LIC will have a toehold. The state-owned insurer