Future Enterprises gets court nod for stake sale in Generali insurance venture

Future Enterprises

08/03/2022 05:13

MUMBAI, March 8 (Reuters) - An Indian court has cleared the
path for Future Enterprises'  FURE.NS  stake sale in its general
insurance joint venture with Italy's Generali  GASI.MI , an
exchange filing showed on Monday.
    A Mumbai city court late last month put on hold Future's
planned sale of its 25% stake in Future Generali India Insurance
Company to Generali for 12.52 billion rupees ($162.82 million),
after a legal challenge from some bondholders of Future
companies that had defaulted.  urn:newsml:reuters.com:*:nL1N2V31HS
    IDBI Trusteeship, the group representing the bondholders,
said that they had rights mandating Future Enterprises not to
dilute its Future Generali stake, according to a source. 
    But after an appeal from Future Enterprises, the high court
on Monday set aside the city court's order, the company said in
the filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/b9914d74-33f4-4ceb-aa01-26210a13fcb3.pdf.
 
    Future, Generali and IDBI Trusteeship did not respond to
requests for comment.
    Apart from the Generali joint venture, Future Enterprises
holds Future Group's investments in textile manufacturing,
supply chain and logistics.    
    The latest order comes as a relief to the Future Group,
which is in dire need of funds to pay off a mountain of debt. It
has been fighting a legal battle with Amazon.com Inc  AMZN.O ,
which has objected to the sale of its retail assets to rival
Reliance Industries  RELI.NS .

($1 = 76.8950 Indian rupees)

 (Reporting by Abhirup Roy in Mumbai; Editing by Rashmi Aich)
 ((abhirup.roy@thomsonreuters.com; + 91 22 6180 7067; Reuters
Messaging: abhirup.roy.thomsonreuters.com@reuters.net))