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Future Group sells 25% stake in general insurance JV to partner Generali for Rs 1,253 cr

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.

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New Delhi, Jan 27: 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 Generali for a cash consideration of Rs 1,252.96 crore as part of its asset monetisation plans to pair debts. Besides, Generali has also acquired an option to buy out the Future Enterprises Limited’s (FEL) remaining interest in FGIICL, which operates in the general insurance business, said a late-night regulatory filing […]

Loans given to the group were restructured under the one-time restructuring window permitted during the Covid crisis in December 2020. With the moratorium period provided under this scheme coming to an end on Dec. 31, 2021, lenders need Future Group to start repaying its principle and interest dues. The problem is that the financial position of the group may not permit it to regularise payments just yet and a sale of assets to pay the dues has been complicated by an ongoing legal tussle between Amazon Inc. and Future Group.