While presenting the Union Budget 2018-19 in the Parliament on Thursday, Finance Minister Arun Jaitley said, "Three public sector general insurance companies - National Insurance Co Ltd, United India Assurance Co Ltd and Oriental India Insurance Company - will be merged into a single insurance company and be subsequently listed". This will be done as part of the government's divestment drive of public sector undertakings.
The strategic disinvestment in 24 of the public sector undertakings or PSUs including Air India has already been initiated by the government. Last year, government's stake has been reduced in two of the general insurance companies including General Insurance Corporation of India and New India Assurance Co Ltd.
With Inputs From PTI