LIC Board Accepts Proposal To Set Up Branch Office In GIFT City

Life Insurance Corporation of India (LIC) said on Tuesday that its board has approved the proposal to set up a branch office at the International Financial Services Center in Gift City, Gandhinagar, Gujarat.

In a regulatory filing, India's largest insurance provider 'LIC' said that the board on Tuesday approved the proposal to set up a branch office in IFSC. The company's presence at Gujarat International Finance Tech (GIFT) City-International Financial Services Center (IFSC) will enable the company to expand its global business.

Presently, GIFT IFSC is the first International Financial Services Center in India. In an interview with PTI last month, LIC Chairman Siddharth Mohanty said "This will improve our overseas operations".

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LIC has a presence in 14 countries through branch offices, subsidiaries and joint ventures. The corporation operates directly through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and the United Kingdom (Watford).

Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Limited, Life Insurance Corporation (Lanka) Limited and Life Insurance Corporation (LIC) of Bangladesh Limited.

It also has a foreign wholly-owned subsidiary -- Life Insurance Corporation (Singapore) Pte Ltd.

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(With PTI Inputs)