After the market closed, a big news has come about Central Bank of India. The Competition Commission of India has given approval to Central Bank of India to buy a stake in Future Generali India Insurance.

According to the news, the Competition Commission of India has approved Central Bank to buy 24.91% stake in Future Generali India Insurance and 25.18% stake in Future Generali India Life Insurance.

 

CCI has also approved 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILIC) through Lease/Resolution Planning of Central Bank of India under the Indian Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. FGILIC, which emerged as the successful bidder, offers savings insurance, investment plans (ULIPs), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans. In August, Central Bank of India announced that it had emerged as the successful bidder to acquire debt-ridden Future Enterprises Limited (FEL)'s stake in the life and general insurance venture. The state-run bank said it has been declared the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited. Future Enterprises held 25 per cent stake in Future Generali India Insurance and 33 per cent in Future Generali Life Insurance. In July 2022, the National Company Law Tribunal (NCLT) ordered the initiation of insolvency resolution proceedings against debt-ridden FRL. The NCLT passed the order after admitting a petition filed by the Bank of India (BoI) following loan defaults by FRL, the flagship firm of the Kishore Biyani-led group.