27 Jan 2022 , 09:08 AM
Future Enterprises has on 26 January 2022 agreed to sell a 25% stake in its General Insurance Joint Venture, Future Generali India Insurance Company (FGIICL) to its Joint Venture partner, Generali Participations Netherlands N. V.(Generali) for a cash consideration of Rs 1252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction.
Generali has also acquired an option to buy out the Companys remaining interest in FGIICL, directly or through a nominee, at an agreed valuation subject to applicable regulatory approvals.
The transaction is subject to applicable regulatory approvals and other customary conditions.
Generali had earlier received approval from the Competition Commission of India to purchase 16% stake held by Industrial Investment Trust in the Life Insurance Joint Venture, Future Generali India Life Insurance Company (?FGILICL?). It has also agreed to invest up to Rs 330 crore in tranches in FGILICL to fund its growth plans.
Pursuant to these transactions, Generali will acquire a majority stake and control in both Insurance Joint Ventures.
FEL has received offers from potential buyers for its remaining 24.91% interest in FGIICL. It is also exploring options for the sale of its 33.3% interest in the Life Insurance JV and expects to complete the exit of its holding in the Insurance Joint Ventures in a time bound manner to meet its commitment under One Time Restructuring Plan implemented under 06 August 2020 circular issued by Reserve Bank of India in relation to Resolution Framework for Covid-19 related stress.
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