The Competition Commission of India (CCI) has approved the proposed acquisition of 24.91 percent shareholding in Future Generali India Insurance Company Ltd (FGIICL) and 25.18 percent shareholding in Future Generali India Life Insurance Company Ltd (FGILICL) by Central Bank of India, a public sector bank.
“CCI approves the acquisition of 24.91% shareholding in Future Generali India Insurance and 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India”, said a social media post by CCI in platform “X”, formerly Twitter.
The proposed combination envisages acquisition by Central Bank of India of 24.91 percent equity stake in FGIICL and 25.18 percent equity stake in FGILICL through bid/resolution plan submitted by Central bank of India under Insolvency and Bankruptcy Code (IBC).
Central Bank of India is a scheduled commercial bank.
FGIICL is a general insurance company. It provides personal insurance, commercial insurance, social & rural insurance etc.
FGILICL is a life insurance company. It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.
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