Future Enterprises Announces the Sale of 25% Stake

Future Enterprises Ltd announced the sale of a 25% stake in its general insurance joint venture, Future India Insurance Co. Ltd. The sale of the stake is made to partner with Generali Participations Netherlands N.V. The company holds a 51% stake in the joint venture and Generali holds 49%. Once the stake is sold to Generali, it will take control of the business with a 74% stake. It is also the maximum that a foreign entity holds in an Indian insurer.The sale of the insurance unit will also provide the company with needed capital to operate its entities such as Future Retail Ltd as these entities face the possibility of being tagged, loan defaulters. The deal with Generali comes after a heated battle between Future and Amazon over the sale of Future Group’s retail assets to Reliance Retail.