Life Insurance Corporation of India (LIC) is planning to open office in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) in Gandhinagar, Gujarat, during the current financial year to further its overseas business. 

LIC’s presence in the GIFT City will enable the company to expand its global business. 

“We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations,” LIC Chairman Siddhartha Mohanty told the PTI in an interview. 

He said that LIC had presence in 14 countries through branch offices, subsidiaries and joint ventures. 

The corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). 

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

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

Asked about plans with regard to foreign operations, Mr Mohanty said that the idea was to consolidate and strengthen those operations so that they generated greater return for the corporation.