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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 […]

Union Minister of State for Finance Dr Bhagwat Kisanrao Karad has said that the Centre has announced Emergency Credit Line Guarantee Scheme as part of the Aatma Nirbhar Bharat Package with the objective to help MSMEs and business enterprises to meet their operational liabilities and resume business in view of the distress caused by the COVID-19 crisis by providing Lending Institutions 100 per cent guarantee against any losses suffered by them due to non-repayment by borrowers.