Future Group has announced that it will sell its 25 per cent equity in Future Generali India Insurance Company Limited (FGIICL) to its JV partner Generali for a cash consideration of Rs 1,252.96 crore of its asset monetisation plans to pair debts.

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Besides, Generali has also acquired an option to buy out Future Enterprises Limited’s (FEL) remaining interested in FGIICL, which operates in the general insurance business, said a late-night regulatory filing by the Future Group firm.
FGIICL is a joint venture between Future Enterprises and Generali Participations Netherlands NV (Generali). “FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction,” the regulatory filing by the Future Group firm said.