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FGIICL is a joint venture between Future Enterprises and Generali Participations Netherlands NV (Generali). “FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction,” the regulatory filing by the Future Group firm said.
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Debt-ridden Future Group has reported that it will sell its 25% value in Future Generali India Insurance Company Limited (FGIICL) to its JV partner Generali for a money thought of Rs 1,252.96 crore as a part of its asset monetisation plans to combine debts. In addition, Generali has likewise procured a choice to purchase out the Future Enterprises Limited’s (FEL) remaining interest in FGIICL, which operates in the general insurance business, said a late-night regulatory documenting by the Future Group firm.
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