New Delhi, Dec 20 (IANS): The mega IPO of Life Insurance Corporation of India (LIC) will be out by the end of the current fiscal, a senior Central government official said on Monday.

According to Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the IPO plan is on course.

"Some media speculation doubting the feasibility of LIC IPO this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal," the Secretary tweeted.

The IPO is expected to become the biggest one in India and it may fetch the government around Rs 1 lakh crore.

Post the Union Budget FY22, the government has taken several legislative and executive steps to pave way for the mega IPO.

The LIC, a statutory Corporation constituted under the LIC Act 1956, is a leading life insurer of India wholly owned by the government.

It has three branches outside India - in the UK, Fiji and Mauritius, a wholly-owned subsidiary in Singapore and Joint Ventures in Bahrain, Kenya, Sri Lanka, Nepal, Saudi Arabia, and Bangladesh.

Its subsidiaries in India include LIC Pension Fund Ltd, and LIC Cards Services Ltd.

Its associates include the IDBI Bank Ltd, the LIC Mutual Fund and the LIC Housing Finance Ltd.