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The Indian government may review the timing of Life Insurance Corporation of India’s (LIC) IPO in the wake of escalating Russia-Ukraine conflict, BusinessLine reported citing the Finance Minister Nirmala Sitharaman.

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The life insurer filed its papers with the markets regulator last month to launch an $8bn IPO by March 2022.

The news comes after Russia attacked Ukraine from land, sea, and air last week.

Speaking to the publication in an interview, Sitharaman said: “When I last commented on this matter, the tension was building up. Now there is a full-scale war. Therefore, I need to go back and review the situation.  

“Ideally, I would like to go ahead with it, because it is something we have planned for some time purely based on Indian considerations. But now, if global considerations warrant that I need to look at it, I would not mind looking at it again.”

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Last week, India’s union cabinet approved amendments to allow 20% foreign direct investment in IPO-bound LIC.

The government plans to sell a 5% stake or 316.25 million shares of the life insurer and had launched a virtual roadshow as well.

The government intends to use proceeds from the LIC’s IPO to meet revenue targets in the current financial year ending on 31 March.

To this, Sitharaman stated that the pressure to meet revenue targets by diluting government stake in firms would not be a factor for deciding the timing for LIC’s IPO.

Separately, sources told CNBCTV18 that a meeting has been called this week for the likely reassessment of LIC’s IPO.