Acquisition Nod
CCI approves Central Bank of India's stake purchase in Future group's insurance ventures
This story was originally published at 21:01 IST on 15 October 2024
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--CCI OKs Central Bank of India buying 25.2% stake in Future Generali Life
--CCI OKs Central Bank's 24.9% stake buy in Future Generali India Insurance
MUMBAI – The Competition Commission of India has approved the Central Bank of India's acquisition of 24.91% stake in Future Generali India Insurance Co. Ltd., the competition watchdog said Tuesday in a post on microblogging site X. The Competition Commission of India has also given the go-ahead for Central Bank of India's acquisition of 25.18% stake in Future Generali India Life Insurance Co. Ltd.
In August, the bank had informed the exchanges of its successful bid to acquire Future Enterprises Ltd.'s stake in both insurance companies. In 2022, the National Company Law Tribunal had admitted insolvency proceedings against Future Enterprises.
Future Generali India Insurance Co. is a joint venture between the Generali Group, a global insurance company which holds the majority stake, and the Future Group. It provides retail, commercial, personal, and rural insurance solutions to individual and corporate clients. On Tuesday, shares of Central Bank of India closed 0.1% lower at INR 57.01 on the National Stock Exchange. End
Reported by Cassandra Carvalho
Edited by Rajeev Pai
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