Future to sell 25% stake in insurance JV to Generali for Rs 1,253 cr

International company has the option to acquire the remaining interest of the debt-ridden Indian group in the general insurance business.

Debt-ridden Future Group has announced that it will sell its 25 per cent equity in Future Generali India Insurance Company Limited (FGIICL) to its JV partner Generali for a cash consideration of Rs 1,252.96 crore as part of its asset monetisation plans to pair debts.

Besides, Generali has also acquired an option to buy out the Future Enterprises Limited's (FEL) remaining interest in FGIICL, which operates in the general insurance business, said a late-night regulatory filing by the Future Group firm.

FGIICL is a joint venture between Future Enterprises and Generali Participations Netherlands NV (Generali). "FEL has agreed to sell