Mumbai. SBI General Insurance may buy a stake in Kishore Biyani’s general insurance company Future Generali. However, the company will do this deal in a joint venture with someone. Earlier Mukesh Ambani had made preparations to buy a stake in Future Retail. Future Generali was formed in 2007. It has more than 3,000 corporate clients and an AUM of Rs 3,600 crore. Biyani’s insurance company is in a joint venture with Italy’s insurance company Future.
Future group suppressed by heavy debt
According to the information, SBI General Insurance is planning to buy a stake in Future Generali along with Premji Invest. Let us know that the Future Group is currently struggling with a huge debt. The company is looking for ways to reduce debt. In this series, Mukesh Ambani can buy a stake in the retail business. Kishore Biyani is also planning to sell a stake in his insurance company along with retail. However, it is unclear how much percentage Biyani plans to sell.
Premji holds 16 percent stake in SBI General
By the way, Premji Invest has a 16 percent stake in SBI General Insurance. This stake was taken by Premji last year. Earlier, Kishore Biyani’s Future Group also spoke with Hero Corporate Services and PE firms to sell their holdings in the insurance business. Earlier this year, Flipkart co-founder Sachin Bansal acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for Rs 100 crore.
Last year, Max sold its 51 percent stake in Max Bupa Health Insurance to private equity firm True North for over Rs 510 crore.