Central Bank of India has bought 24.91% stake in Future Generali India Insurance Company Limited (FGIICL). The bank has also acquired 25.18% stake in Future Generali India Life Insurance Company Limited (FGILICL). This deal was completed on 4 June. Central Bank bought this stake from Future Enterprises Limited (FEL), which is burdened with debt and is undergoing bankruptcy process. This deal is part of the resolution plan approved by the Committee of Creditors (CoC), in which stake in FEL’s insurance companies has been sold. The financial difficulties of the group had pushed FEL into bankruptcy process. In this process started in 2022, it was decided to sell FEL’s insurance stake. In August 2024, Central Bank bid to buy stake in FEL’s insurance companies and became the successful bidder. According to the information given to BSE Future Group’s general insurance company Future Generali India Insurance Company, i.e., FGIICL was started in 2006. Its headquarter is in Mumbai and it sells various types of general insurance products like vehicle, home, health. Future Group’s life insurance company Future Generali India Life Insurance was started in 2006. It offers products like term insurance, ULIP, retirement plan. The company is run in partnership with Italy’s Generali Group. Both the companies are run in partnership between Future Group and Italy’s Generali Group. Generali is still the largest shareholder with 74% stake in FGIICL and 73.99% stake in FGILICL. This purchase by Central Bank will give it an opportunity in the insurance business. Central Bank of India has already received approval from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI).
