Central Bank of India Secures Stake in Future Generali India Insurance Firms

The Central Bank of India has been approved to acquire significant stakes in Future Generali India Insurance and Life Insurance, as per the Competition Commission of India. The acquisitions mark the bank's successful bid in the insolvency resolution process for debt-laden Future Enterprises Ltd's insurance ventures.

The Competition Commission of India (CCI) has officially approved the Central Bank of India's acquisition of stakes in Future Generali India Insurance and Future Generali India Life Insurance.

This move involves the bank acquiring a 24.91% stake in Future Generali India Insurance Company Ltd, which offers a range of insurance products, and a 25.18% stake in Future Generali India Life Insurance Company Ltd, following a bid submitted under the Insolvency Resolution Process.

The acquisition stems from a successful bid by the Central Bank of India for the assets of debt-ridden Future Enterprises Ltd, marking a significant development in the ongoing insolvency resolution process initiated by the National Company Law Tribunal.

(With inputs from agencies.)