Government-owned Central Bank of India on Thursday acquired stakes in two insurance ventures of Future Generali group in India. The bank has acquired a 24.91 per cent stake in non-life firm Future Generali India Insurance Company for Rs 451 crore. It also bought a 25.18 per cent stake in Future Generali India Life Insurance Company Ltd (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process.
Generali of Italy is the largest shareholder in both the companies with stakes of close to 74 per cent.
The acquisition has been cleared by the Competition Commission of India, the RBI and the IRDAI. The acquisition was made through a bid/resolution plan submitted by Central Bank of India under the Insolvency and…
