Future Enterprises has sold 25% interest in general insurance joint venture Future Generali India Insurance Company (FGIICL) to its partner Generali Participations Netherlands NV for ₹1,266.07 crore.
The transaction closed on May 5th after receiving key regulatory approvals. Following the sale, Future Enterprises will continue to directly and indirectly own a 24.91% stake in FGIICL, the company said on Thursday.
Future Enterprises announced in January that it would sell its stake in FGIICL to the JV partner. The move faced legal challenges as some Future Enterprises bondholders objected and obtained a stay in court. The residence was then cleared to pave the way for the transaction.