LIC IPO: India’s biggest listing attracts Norway’s wealth fund and GIC among others

India is in talks to sign up Norway’s sovereign wealth fund and GIC Pte as anchor investors for the country’s biggest initial public offering, according to people familiar with the matter, as the government presses ahead with the sale despite a volatile market.

Abu Dhabi Investment Authority is also among those in discussions to participate in Life Insurance Corporation of India’s first-time share sale, which could raise as much as 210 billion rupees ($2.7 billion), the people said, asking not to be identified as the information is private. BlackRock Inc. and Fidelity have been approached as well, they added.

Prime Minister Narendra Modi’s administration is looking to finalize the anchor investor list within days, the people said. Deliberations are ongoing and the investors could choose not to proceed, the people said.

Representatives for ADIA, GIC and the Norwegian sovereign fund declined to comment, while representatives for BlackRock, Fidelity and the Indian finance ministry didn’t immediately respond to requests for comment.