Videocon exits insurance biz; sells stake to DP Jindal Grp, Enam Securities

Videocon Industries today said it has sold its entire stake in insurance business joint venture with US-based Liberty Mutual Insurance Group to DP Jindal Group and Enam Securities.

Videocon held 51.32 per cent stake in Liberty Videocon General Insurance Company Ltd.

In a regulatory filing, Videocon said it sold 26 per cent of its stake to DP Jindal Group's Diamond Dealtrade Ltd and remaining 25.32 per cent stake to Enam Securities Pvt Ltd.

"All the necessary regulatory approvals for the said sale were already received," it said without giving the deal value.

Post the sale, Videocon ceases to be the Indian promoter of Liberty Videocon, and accordingly, the name of Liberty Videocon will change to 'Liberty General Insurance Company Limited', it added.