Central Bank of India Set to Acquire Future Enterprises’ Insurance Stakes Amid Insolvency
The Central Bank of India is close to finalizing a deal to acquire Future Enterprises Ltd.’s (FEL) stakes in two insurance joint ventures as the debt-ridden company undergoes insolvency proceedings. The bank is expected to take over a 25% stake in Future Generali India Insurance Co. and a 33% stake in Future Generali India Life Insurance Co.
This acquisition is part of Central Bank’s strategy to expand its presence in the insurance sector. The deal has been approved by FEL’s committee of creditors and is expected to be announced soon.
Future Enterprises, a part of the Future Group, faced insolvency after defaulting on ₹25,000 crore in loans. The bank emerged as the top contender after outbidding others, including Capri Global, JC Flowers, and Authum, who were also interested in acquiring FEL’s assets.
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