Mumbai: Videocon Industries on Tuesday said it has sold its entire stake in the insurance business. The electronics maker sold its entire stake in the insurance business joint venture with US-based Liberty Mutual Insurance Group to DP Jindal Group and Enam Securities for an undisclosed sum.
Following 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 Ltd. It said the company will shortly apply to Registrar of Companies for change of name.
“All the necessary regulatory approvals for the said sale were already received,” the company said in a disclosure with the bourses. Videocon held 51.32 percent stake in Liberty Videocon General Insurance Company Ltd. Of this, the company sold 26 percent stake to DP Jindal Group’s Diamond Dealtrade Limited, while the remaining 25.32 percent stake was sold to Enam Securities, a privately held and managed firm that invests in listed companies.
“The new partnership will expand and fortify the company’s position on one of the fastest growing general insurance firms in India and its capability to deliver high quality products and services across general insurance category,” said a Liberty Mutual Insurance statement.