Videocon Group exits insurance business

Mumbai, March 20

Cash-strapped Videocon Industries, which is fighting a bankruptcy case at the NCLT, on Tuesday announced exit from general insurance business and sold its entire stake to the DP Jindal Group and Enam Securities for an undisclosed sum.

While the DP Jindal Group will hold 26%, Enam Securities will hold 25% in the new Liberty General Insurance Company, in which the foreign partner Liberty Mutual Insurance Group of the US will continue to hold 49%.

The US insurer had increased its stake in the JV to 49% last December from 26% earlier.

The company has received the necessary regulatory approvals for rebranding and will soon apply to change its name to Liberty General Insurance with the Register of Companies, company’s chief executive and whole-time director Roopam Asthana said.

In a statement, the Boston- Massachusetts-based Liberty Mutual said, “With the new partnership, we will expand and fortify our position as one of the fastest growing general insurance companies in India with our capability to deliver high quality products and services across general insurance category. We are committed to the Indian market.” — PTI