Tablesh Pandey has been chosen by LIC to serve as the organization’s managing director. Pandey will start working on April 1 or later and remain in that position till his retirement.
Tablesh Pandey, Executive Director, LIC of India, Central Office, Mumbai, has been appointed as Managing Director, LIC of India in place of Shri B C Patnaik with effect from the date of assumption of responsibility of the office on or after 1st April, 2023, and up until the date of his superannuation, or until further orders, whichever is earlier, the company said in a filing.
The largest insurance firm in the nation today has Tablesh Pandey as its executive director.
M Jagannath and Tablesh Pandey had previously been suggested by the Financial Services Institutions Bureau for the position in the state-owned insurer.
On Tuesday, LIC stock is down 0.50% at Rs 579.20 a share on the NSE.
Siddhartha Mohanty was nominated by LIC last week to serve as the organization’s interim chairman for three months beginning on March 14.
Another development is that yesterday, Finance Minister Nirmala Sitharaman provided an update on the debt that LIC has to the troubled Adani Company.
According to Sitharaman’s written response to the Lok Sabha, the LIC’s debt exposure to Adani as of March 5 was Rs. 6,183 crore, just slightly less than Rs. 6,347 crore as of December 2022.
Adani Ports provided a significant portion of LIC’s debt exposure, approximately Rs 5,388 crore, of the total debt owed to the Adani Group. Sitharaman claimed that the exposure to Adani Power (Mundra) was about Rs 266 crore.
After meeting with the conglomerate’s top executives, LIC declared that it is more optimistic than ever about the conglomerate’s business prospects.
According to the disclosures filed to the Exchange, the total equity investment value of LIC in Adani Group is Rs 30,127 crore, or less than 1% of its total book value.
LIC, based in Mumbai, is a public sector life insurance company. It holds the distinction of being both India’s largest insurance company and the biggest institutional investor, managing assets worth ₹41 trillion as of May 2022.
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