Central Bank of India top bidder for Future's stake in insurance ventures

Central Bank of India on Wednesday said it has emerged as the successful bidder for the stake acquisition of debt-ridden Future Enterprises Ltd (FEL) in life and general insurance venture.

Central Bank of India has been declared as the successful bidder by the Committee of Creditors (CoC) for the sale of Category 1 assets of FEL in Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited, the state-owned bank said in a regulatory filing.

The Letter of Intent dated August 20, 2024, is received by the bank in this regard, it added.

Future Enterprises owns a 25 per cent stake in Future Generali India Insurance Company and a 33 per cent stake in Future Generali Life Insurance.

On July 20, 2022, the Mumbai bench of the National Company Law Tribunal (NCLT) ordered initiating insolvency resolution proceedings against the debt-ridden FRL and dismissed objections raised by e-commerce major Amazon.

The NCLT has passed the order after allowing