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July 1, 2020

Premji Invest, SBI General Insurance mulls joint bid to purchase Future Generali

By Verdict Staff

Premji Invest and SBI General Insurance are reportedly considering a joint bid to purchase Future Generali, a joint venture between the Future Group and Assicurazioni Generali.

The Future group holds 51% in the JV, while the rest is owned by Generali.

According to the reports, Future Group is planning to sell its stake in the venture and Italy-based Generali Group is preparing to exit India.

Kishore Biyani-led Future Group were said to be in discussions with Hero Corporate Services, and PE firms Multiples and True North to sell its holding in the insurance JV.

But with Generali now planning to exit the country, there could be a full-blown acquisition, reported Times of India.

However, Premji Invest, the Generali Group, and Future Generali haven’t yet made any announcement regarding the potential joint bid. They also declined to comment on the reports.

Future Generali was formed in 2007 to offer retail, commercial, rural, and personal insurance. It reportedly has assets worth Rs.3,600 crore and holds more than 3,000 corporate customers.

Earlier this year, Australia’s general insurance firm IAG divested its entire 26% stake in SBI General Insurance.

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