Business News | LIC IPO Date | Apple News | iPhone Manufacturer | What Is FEMA | Foxconn Technology

Business News | LIC IPO Date | Apple News | iPhone Manufacturer | What Is FEMA | Foxconn Technology

Daily business updates for commerce students by Chandan Poddar covering the top business news

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India is considering a proposal for foreign investors to own as much as 20% in Life Insurance Corporation, according to a person with knowledge of the matter, which would enable them to participate in the nation’s biggest initial public offering.

Under discussion is a plan to amend FDI rules so that investors can pick up the stake without the government’s approval under the so-called automatic route, the person said, asking not to be identified as the deliberations are private. Government officials are due to meet and discuss the proposal as early as Wednesday afternoon in New Delhi, the person said.

A finance ministry spokesman didn’t immediately respond to calls seeking comment.

Prime Minister Narendra Modi’s government is relying on money from the state-run insurer’s IPO to meet its budget deficit target for the financial year through March 2022 as the pandemic hit tax collections. While FDI of as much as 74% is permitted in most Indian insurers, the rules don’t apply to LIC because it is a special entity created by an act of parliament

The Reserve Bank of India defines FDI as purchase of a stake in a listed company that’s 10% or larger by an individual or entity based abroad, or any foreign investment in an unlisted firm. So the clearance for FDI in LIC not just allows global funds to participate in the IPO but also opens doors for a significant stake purchase after the listing.

The government is seeking a valuation of between 8 trillion rupees and 10 trillion rupees ($134 billion) for LIC, and is considering a stake sale of 5%-10%, which could raise between 400 billion rupees and 1 trillion rupees, Bloomberg had reported earlier.

Banks started engaging with investors last month, with a potential listing expected between January and March in 2022.

A Foxconn (2317.TW) iPhone factory in India at the centre of a mass food-poisoning incident will extend a week-long closure by an extra three days, a senior official for the state of Tamil Nadu told Reuters.

The factory, which employs some 17,000 people, had been due to resume some operations on Monday but is now expected to restart production with 1,000 workers on Thursday, the official said, adding that the state government had conducted inspections of workers’ hostels.

Last week, protests erupted after more than 250 women who work at the plant and live in one of the hostels had to be treated for food poisoning. Some of the protestors were rounded up by the police but later released.

The incident has thrown a spotlight on living conditions for the workers – most of them women – who reside in hostels near the factory which is located in the southern city of Chennai

The Taiwanese contract manufacturer for Apple Inc (AAPL.O) and other big tech names as well as 11 of its contractors including those who provide food and living facilities were summoned for a meeting, said the official. The official was not authorised to speak on the matter and declined to be identified.

The state government asked Foxconn to review services provided to the workers including power backup at the hostels, food and water, and the Directorate Of Industrial Safety And Health also recommended providing recreational facilities such as a TV, a library and indoor games, the official added.
According to a separate government source, Foxconn has told state bureaucrats it had “ramped up production too quickly” and would gradually ensure that workers’ facilities were upgraded before they go back to full capacity.

Disclaimer: All opinions are based on a personal analysis of Chandan Poddar. Do your own analysis before involving money. All risks and rewards are solely related to viewers.

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