Mumbai-headquartered Central Bank of India (CBI), a state-owned bank, is the successful bidder for the acquisition of a stake in the life and general insurance units of debt-ridden Future Enterprises Ltd (FEL).
Future Enterprises owns a 25% stake in Future Generali India Insurance Company and a 33% stake in Future Generali Life Insurance. Both insurers are joint ventures with Italy’s global insurance group Generali.
The Committee of Creditors (CoC) of FEL declared CBI as the successful bidder for the stakes, says the CBI. The bid amounted to INR5.08bn ($60.5m). FEL is currently under the corporate insolvency resolution process.
The CBI still needs to obtain the approval of the IRDAI and the Competition Commission of India.