IPO For Indian Insurance Giant LIC May Block Chinese Investors

The Modi government is looking at a $12bn IPO for state insurer and may sell stakes to foreign investors, but the border war has eroded trust in Chinese investors, sources say New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC), which is due to go public, four senior government officials and a banker say, underscoring tensions between the two nations. State-owned LIC is considered a strategic asset, commanding more than 60% of India's life insurance market with assets of more than $500 billion. While the government is planning to allow foreign…