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Future Group to sell 25% in general insurance JV to Generali for Rs 1,253 crore; to exit insurance business

FGIICL is a joint venture between Future Enterprises Ltd (FEL) and Generali Participations Netherlands NV (Generali) and operates in the general insurance sector.

January 27, 2022 / 02:16 PM IST
Representative image

Representative image

Debt-ridden Future Group will exit from the insurance business in a time-bound manner and plans to sell its 25 per cent equity in Future Generali India Insurance Company Ltd (FGIICL) to its JV partner Generali for a cash consideration of Rs 1,252.96 crore, as part of its asset monetisation plans to pare debts.

FGIICL is a joint venture between Future Enterprises Ltd (FEL) and Generali Participations Netherlands NV (Generali) and operates in the general insurance sector.

Besides, the Kishore Biyani-led group, is also exploring options for the sale of its stake in Future Generali India Life Insurance Company Ltd (FGILICL), another Joint Venture with General providing Life Insurance services.

"The company is exploring options for the sale of its remaining interests in FGILICL and FGIICL and it expects to complete the exit of its holding in the Insurance Joint Ventures in a time-bound manner,” FEL said in a regulatory filing.