SBI Life awaiting govt decision on floating an IPO: Chaudhuri

KOLKATA: SBI Life Insurance, a subsidiary of State Bank of India, is doing well and is awaiting government policy decision to float an initial public offer (IPO), SBI chairman Pratip Chaudhuri said today.

"SBI Life is doing well and posted a profit of Rs 300 crore," Chaudhuri told reporters on the sidelines of Ficci Banking Conclave here.

Chaudhuri said that all the insurers are awaiting the government policy decision on raising foreign partners' stakeholding from 26 per cent to 49 per cent.

SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.