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The Competition Commission of India (CCI) on Tuesday approved the proposed acquisition of Future Enterprises Ltd’s (FEL) 24.91 per cent stake in Future Generali India Insurance and 25.18 per cent shareholding in Future Generali India Life Insurance by Central Bank of India.
“The proposed combination envisages acquisition by Central Bank of India of 24.91 per cent equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.18 per cent equity stake in Future Generali India Life Insurance Company Limited (FGILICL) through bid or resolution plan submitted by Central Bank of India under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,” CCI said.
FEL holds direct and indirect investments in the general insurer, Future Generali India Insurance Company Limited, which is a joint venture between the company (24.91 per cent shareholding) and Generali Group (74 per cent shareholding). It provides personal insurance, commercial insurance, social and rural insurance, etc.
In addition, it also has a 25.18 per cent stake in Future Generali India Life Insurance Company Limited. This entity offers savings insurance, investment plans (Unit-Linked Insurance Plans - ULIPs), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans, and group insurance plans.
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