M&A

M&A

Central Bank of India's Rs.508-Cr bid for Future's insurance JV stake gets CoC nod

Business Standard  

State-owned Central Bank of India has pipped a consortium of True North and M Pallonji to emerge as the successful bidder for Future Enterprises Ltd’s (FEL) stake in its insurance joint ventures with Italian insurer Generali. The lender’s bid of INR 508 crore was approved by the committee of creditors (CoC) of FEL, which is currently under the corporate insolvency resolution process.Central Bank of India is buying a 25.18 % stake in FEL’s general insurance JV - Future Generali India Insurance - and a 24.91 % stake in its life insurance JV - Future Generali India Life Insurance.FEL holds direct and indirect investments in Future Generali India Insurance Company - a joint venture between the company (24.91% shareholding) and Generali Group (74 % shareholding). The company is engaged in the non-life insurance business.