Central Bank of India gets approval to acquire stakes in two Future Generali entities
In August, the Central Bank of India announced that it had emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.
Central Bank of India gets approval to acquire stakes in two Future Generali entities
New Delhi: The Competition Commission of India has approved the state-owned Central Bank of India's plan to acquire a 24.91 percent equity stake in Future Generali India Insurance Company Ltd (FGIICL). FGIICL offers personal insurance, commercial insurance, and social, and rural insurance. Central Bank of India is a scheduled commercial bank.
The CCI has also approved a 25.18 percent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through bid/resolution plan submitted by the Central Bank of India under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
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FGILICL provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans.
In August, the Central Bank of India announced that it had emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance ventures.
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 percent stake in Future Generali India Insurance and a 33 percent stake in Future Generali Life Insurance.
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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.