Earlier, state-owned bank Central bank said it has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company and Future Generali India Insurance Company .
New Delhi: The Competition Commission of India(CCI) on Tuesday has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance and 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India.
The proposed combination envisages acquisition by Central Bank of India of 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL) through bid/resolution plan submitted by Central bank of India under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
In August, Central Bank of India announced that it has emerged the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture.
The state-owned bank said it has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Ltd and Future Generali India Insurance Company Ltd.
Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance.
In July 2022, the National Company Law Tribunal (NCLT) ordered initiating insolvency resolution proceedings against the debt-ridden FRL.
The NCLT has passed the order after allowing the petition filed by the Bank of India (BoI), following loan defaults by FRL — the flagship firm of the Kishore Biyani-led group.
FGIICL is a general insurance company. It provides personal insurance, commercial insurance, social & rural insurance etc.
FGILICL is a life insurance company. It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.
Italy’s Generali, which owns 74% of the joint ventures, has sought to collaborate with the public sector lender to help boost distribution.