LIC to set up office in GIFT City this fiscal

NEW DELHI: Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business.

LIC’s presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business.“We are going to open our branch very soon in the GIFT City.

It should happen during the current financial year itself. This will enhance our foreign operations,” LIC chairman Siddhartha Mohanty said. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and UK (Watford). Besides, it has subsidiaries in Bahrain, Nepal, Sri Lanka and Bangladesh. It also has a foreign wholly-owned subsidiary - Life Insurance Corporation (Singapore) Pte Ltd.