Videocon Industries Ltd has exited insurance business, by selling its entire shareholding in its joint venture with U.S.-based Liberty Mutual Insurance Group to Diamond Dealtrade Ltd and Enam Securities Pvt Ltd.

The company had 51.32% stake in Liberty Videocon General Insurance Company Ltd, out of which it sold 26% stake to DP Jindal Group’s Diamond Dealtrade and the rest to Enam Securities Pvt Ltd. Further, the value of the deal was not disclosed an the JV will now change its name to Liberty General Insurance Company Ltd.

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