One of India’s largest planned initial public offerings — that of state-owned Life Insurance Corporation — is on track for March, the country’s revenue secretary told CNBC.

Although the exact size of India’s largest insurance company is not yet known, a successful IPO could help the government reach its fiscal year disinvestment goals.

Tarun Bajaj (India’s revenue secretary), stated that the plan is for the publication of the budget in March, and the collection by March. Tanvir Gill, CNBC’s Tanvir Gill, was also informed. “I believe that we will surpass the revised estimates figures, which were included in the budget documents.”

This week, the budget announcement was made for the fiscal year that began on April 1. government set a modest disinvestment targetOf 650 billion rupees (8.7 billion). The current year’s target was reduced from 1.75 trillion rupees (7.7 billion) to 780 milliards rupees (7.5 trillion).

Bajaj stated that the LIC share sales in April will not cause a death or a life-and-death situation. Bajaj stated that the next financial years will bring more income and that resources are required in order to do so.

Local media, citing a public officialAccording to a report, the Indian government may file an IPO prospectus on LIC at the Securities and Exchange Board of India (SEBI) by next week. This will reveal more information about the deal’s size.

Official data showed that in the current fiscal year, the government has so far raised about 120.3 billion rupees in disinvestment — which is still significantly lower than the revised target.

India will be celebrating October successfully sold the loss-making national flag carrier Air IndiaTata Sons (holding company of Tata Group), one of India’s most important conglomerates is Tata Group.

CNBC spoke with Bajaj, who said the government had a series of deals for disinvestment that would be completed in the next financial year. This will allow it to meet the modest target of 650 Billion Rupees.

He said that if we can close these deals we will be in a position to meet the targets. New Delhi is also looking into strategic disinvestments as a way to fund some of its spending.

He said that strategic disinvestment can be a bit complicated and that each deal is quite complex, as we saw in the Air India case. But, Air India, and other deals, has taught us a lot.

He said, “In the coming years, we should have the ability to do it faster and we will reach the targets.”

Up to now, largest IPO to date in India was Paytm’s $2.5 billion share saleBased on the current exchange rate, it was approximately 186 billion Rupees