Stakes in both entities being acquired under Insolvency and Bankruptcy Code (IBC) process.
The Competition Commission of India (CCI) has approved the proposed acquisition of 24.91 per cent shareholding in Future Generali India Insurance and 25.18 per cent 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 per cent equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.18 per cent 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,”
CCI said in a release.
FGIICL is a general insurance company and provides personal insurance, commercial insurance, social & rural insurance, etc. FGILICL is a life insurance company which offers savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.
Earlier in August, Central Bank of India had announced that it has emerged as a successful bidder for the stake acquisition of Future Enterprises Ltd (FEL) in life and general insurance venture. Future Enterprises owned a 25 per cent stake in Future Generali India Insurance and a 33 per cent stake in Future Generali Life Insurance.
Source: Financial Express
