We will move forward on insurance PSUs merger: Sitharaman

TIL Desk/Business/New Delhi/ Finance Minister Nirmala Sitharaman has said government would be moving forward on the merger of the three state-run general insurance companies as announced in the previous Budget.

“This was a Budget announcement and I will be moving forward on that”, she said in a media interaction about a query on the status of the Budget announcement on the merger of the three general insurance companies.

The proposed merger of National Insurance Co Ltd, United India Insurance Co Ltd and Oriental Insurance Co Ltd has not been able to move forward due to their weak financial position, official sources said. The Budget for 2018-19 had proposed their merger and subsequent listing the merged entity on stock exchanges.