The group said the move is part of its asset monetization plans to pay off debt.
FGIICL is a joint venture between Future Enterprises and Generali Participations Netherlands NV (Generally).
In addition, Kishore Biyani-led Future Group Generali is also looking at an option to sell its stake in Future Generali India Life Insurance Company (FGILICL), another life insurance venture.
“The company is exploring options for the sale of its remaining stake in FGILICL and FGIICL and the company will fully exit the insurance joint venture in a time-bound manner,” Future Group said in a statement to the stock exchanges.
At present, FEL’s stake in FGIICL is 49.91 per cent, which will come down to 24.91 per cent after this deal. Generali’s stake will increase to 74 per cent from the present around 49 per cent.
“FEL has agreed to sell 25 per cent stake in its general insurance sector joint venture FGIICL to venture partner Generali for Rs 1,252.96 crore,” the group said in a statement to the stock exchanges. ,
Generali will also have the option of taking over the remaining stake of Future Enterprises Limited (FEL) in FGIICL.
According to the company, it has received several offers from potential buyers for the remaining 24.91 per cent in FGIICL.
FEL currently holds 33.29 per cent stake in life insurance venture FGILICL, while Generali holds 49 per cent in it.
“FEL is exploring options for sale of 33.3 per cent stake in the life insurance undertaking,” the company said.