LIC Board Greenlights Branch Office at GIFT City

27 Dec 2023 , 10:44 AM

LIC’s board has approved the establishment of a branch office in the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, Gujarat. The decision was made during a board meeting on Tuesday, as indicated in a regulatory filing by LIC.

The move to set up a branch office at GIFT IFSC aligns with LIC’s strategy to expand its global business reach.

GIFT IFSC is currently India’s first international financial services centre. LIC Chairman Siddhartha Mohanty expressed that this expansion will enhance LIC’s foreign operations, as mentioned in a recent interview.

LIC already operates in 14 countries through various means, including branch offices, subsidiaries, and joint ventures.

The Corporation has direct branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis), and the United Kingdom (Watford).

Additionally, LIC has subsidiaries in Bahrain, Nepal, Lanka, and Bangladesh. LIC’s foreign wholly-owned subsidiary is Life Insurance Corporation (Singapore) Pte Ltd.

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