Future Enterprises Sells Rs 1,266-Crore Stake In General Insurance Venture
Future Enterprises has sold a 25% stake in Future Generali India Insurance to its joint venture partner for Rs 1,266.07 crore.
Future Enterprises Ltd. has sold shares in its general insurance joint venture to its partner.
The company has sold a 25% stake in Future Generali India Insurance Co. to Generali Participations Netherlands NV for Rs 1,266.07 crore, according to an exchange filing.
The deal, agreed in January, was completed on May 5 pursuant to receipt of all necessary approvals. Future Enterprises holds 24.91% directly and indirectly in the general insurance business after the sale.
This, however, makes Generali Participations the controlling shareholder of Future Generali India Insurance with a 74% shareholding.
Future Generali India reported a gross premium underwritten of Rs 4,138 crore in FY22, 8% higher than the preceding fiscal. It enjoys a market share of 1.88% as of March 2022.