IDBI Federal Life Insurance was up for sale because IDBI Bank needed the capital, and nowafter the acquisition by LICit doesn't
New Delhi: There is no need for IDBI Federal Life Insurance Co. Ltd to be on the block after the Union Cabinet cleared the decks for Life Insurance Corp. of India (LIC) to pick up a 51% stake in IDBI Bank Ltd. The takeover may see the state-owned insurer infusing ₹ 13,000 crore in the public sector lender. “It is unlikely that IDBI Federal will now be in the market anytime soon. It was up for sale because IDBI Bank needed the capital," said Sanket Kawatkar, principal and consulting actuary, life insurance, India at Milliman India Pvt. Ltd.