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Future Enterprises to sell 25 pc stake in general insurance JV to partner Generali for Rs 1,253 Cr : Rashtra News #Future #Enterprises #sell #stake #general #insurance #partner #Generali Debt-ridden Future Group has announced that it will sell its 25 per cent equity in Future Generali India Insurance Company Limited (FGIICL) to its JV partner
Earlier, the IRDAI prescribed lock-ins based on the age of the insurer, with waivers granted only in extraneous situations. In certain cases, the regulator had waived the lock-in for DHFL General Insurance. In 2020, this company was acquired by Flipkart co-founder and former CEO Sachin Bansal from Kapil Wadhawan-led financial services group Wadhawan Group Capital (WGC) for ₹100 crore as a distressed sale due to the bankruptcy of DHFL.
Earlier, the IRDAI prescribed lock-ins based on the age of the insurer, with waivers granted only in extraneous situations. In certain cases, the regulator had waived the lock-in for DHFL General Insurance. In 2020, this company was acquired by Flipkart co-founder and former CEO Sachin Bansal from Kapil Wadhawan-led financial services group Wadhawan Group Capital (WGC) for ₹100 crore as a distressed sale due to the bankruptcy of DHFL.
Lenders had initiated SARFAESI proceedings to recover their dues totalling ₹571 crore from the company but they received no bids until the end of the auction deadline on Monday at a reserve price of ₹500 crore.
Lenders had divided the company's assets into three clusters, the company's stakes in insurance ventures, textile businesses and other residual stakes, , NCLT, insolvency resolution