Sachin Bansal eyes buyout of Kishore Biyani's Future Generali Life Insurance
Flipkart founder Sachin Bansal founded Navi Technologies (formerly BAC Acquisitions) after his exit from the e-commerce major
August 31, 2020 / 05:21 PM IST
Sachin Bansal-led Navi Technologies is looking to buyout Kishore Biyani's Future Generali India Life Insurance in a deal that might value the insurer at Rs 1,400-1,500 crore, Mint reported
"The deal has reached a formal proposal stage and will be announced soon as both parties are keenly interested in the transaction," a source told the paper.
UBS is advising Future Generali on the transaction, the report said.
Moneycontrol could not independently verify the story.
Flipkart founder Sachin Bansal founded Navi Technologies (formerly BAC Acquisitions) after his exit from the e-commerce major.
Also read: After the deal with Reliance Retail, what does the future hold for Kishore Biyani?
Navi Technologies already has a presence in the insurance space, after it purchased DHFL General Insurance in January from the Wadhawan Group.
Future Generali is a three-way joint venture, where Future Group owns 57.62 percent, Industrial Investment Trust controls 16.88 percent and Generali holds 25.5 percent stake.
The embedded value of Future Generali Life is roughly Rs 800 crore, and a multiple of 1.5-2 times is a good valuation for the insurance company, the report stated.