No precise timeline has been set yet, says SBI Chairman
Mumbai, Dec 21:
The country’s largest lender State Bank of India (SBI) is looking at an initial public offering for its life insurance arm SBI Life Insurance in the next 12-18 months, according to SBI Chairman Arundhati Bhattacharya.
Addressing the media at the inauguration of SBI Life Insurance’s central processing centre in Navi Mumbai, Bhattacharya said, “Yes, we are looking at it in the next year or 18 months. Frankly, we still need to give time to our joint venture partners for them to take a decision on the dial up (increase in stake). Once that is known, then we will come out with an exact timeline.”
“They have already been advised but there is no precise timeline,” she added.
SBI did not divest 5 per cent in SBI Life as envisaged earlier; it sold…