InvestorQ : Is it true that Sachin Bansal is taking a stake in Biyani’s insurance venture?
Ria Jain made post

Is it true that Sachin Bansal is taking a stake in Biyani’s insurance venture?

Answer
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Dia Deshpande answered.
4 weeks ago


While nothing is confirmed yet, Navi Technologies is in advanced parleys to buy out Kishore Biyani’s insurance joint venture with Generali Life Insurance. The deal is expected to value the insurance franchise at about Rs.1500 crore. After the sale to RIL, only the FMCG business and insurance was left with Biyani.

It may be recollected that Future Generali Life happens to be a three-way joint venture, in which Future Group holds 57.62%, Industrial Investment Trust holds 16.88% and Generali holds 25.5%. With this stake sale, Biyani will only be left with his FMCG business.

According to informed sources, deal has reached the proposal stage and is expected to be announced soon as both parties are for the transaction. Navi Technologies was promoted by Sachin Bansal, after he gave up directorship of Flipkart, the company he co-founded.

This deal comes just 2 days after the Future Group sold its customer facing businesses including retail, wholesale, logistics and warehousing Reliance Retail Ventures for Rs.24,713 crore. With the sale of insurance business, only the manufacturing and FMCG units remain.