Business Companies 20 Mar 2018 Videocon exits insur ...

Videocon exits insurance business; sells stake to DP Jindal Group

PTI
Published Mar 20, 2018, 3:40 pm IST
Updated Mar 20, 2018, 3:40 pm IST
Videocon held 51.32 per cent stake in Liberty Videocon General Insurance Company Ltd.
Videocon said it sold 26 per cent of its stake to DP Jindal Group's Diamond Dealtrade Ltd and remaining 25.32 per cent stake to Enam Securities Pvt Ltd.
 Videocon said it sold 26 per cent of its stake to DP Jindal Group's Diamond Dealtrade Ltd and remaining 25.32 per cent stake to Enam Securities Pvt Ltd.

New Delhi: Videocon Industries today said it has sold its entire stake in insurance business joint venture with US-based Liberty Mutual Insurance Group to DP Jindal Group and Enam Securities.

Videocon held 51.32 per cent stake in Liberty Videocon General Insurance Company Ltd.

 

In a regulatory filing, Videocon said it sold 26 per cent of its stake to DP Jindal Group's Diamond Dealtrade Ltd and remaining 25.32 per cent stake to Enam Securities Pvt Ltd.

"All the necessary regulatory approvals for the said sale were already received," it said without giving the deal value.

Post the sale, Videocon ceases to be the Indian promoter of Liberty Videocon, and accordingly, the name of Liberty Videocon will change to 'Liberty General Insurance Company Limited', it added.

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
-->