 "Kishore Biyani")
The Kishore Biyani-led Future group has zeroed in on SBI General to sell its majority stake in the general insurance joint venture, and on Premji Invest for its life insurance venture stake, bankers in the know said.
“The lenders are asking the promoters to expedite the sale of insurance JVs and use the proceeds to repay loans, considering that they have defaulted,” said a banker. Emails sent to the Future group and Premji Invest did not elicit any response.
The Future group holds 51 per cent in the general insurance business, while the rest is owned by Italy’s Generali group.
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