Law firm Cyril Amarchand Mangaldas has guided public sector financial institution, the Central Bank of India on its acquisitions of significant minority stakes in Future Generali India Life Insurance Company and Future Generali India Insurance Company Limited from Italian insurance major Generali, which was guided by longstanding Indian legal advisor Talwar Thakore & Associates.
This is the legacy Indian bank’s first foray into the insurance sector. CBI has acquired 25.18 percent in FGILIC for INR 57 crore and 24.91 percent in FGIICL for INR 451 crore, through the corporate insolvency resolution process of Future Enterprises.
The Committee of Creditors declared CBI as the successful bidder in August. Subsequently, the bank received approvals from the Competition Commission of India, Reserve Bank of India and Insurance Regulatory and Development Authority of India.
“This partnership is a strong vote of confidence in our business in India. Working with Central Bank of India is an opportunity to go from strength to strength in an important growth market for Generali and comes at a good time on the back of the launch of our new strategic plan. Our combined strengths have the potential to carry our Lifetime Partner proposition to new heights – from better brand recognition to enhanced distribution capabilities, all supported by our strong strategy,” said Rob Leonardi, Generali Group’s Asia regional officer, in a statement.
The CAM transaction was led by partner and insurance practice head Indranath Bishnu and partner Pranjita Barman, with support from principal associate Anirud Sudarsan R, and associates Subhalaxmi Hota and Saakshi Tibrewal.
TT&A had advised Generali Group on its majority acquisition in its two Indian insurance companies three years ago.
ET Legal understands that the TT&A team was led by partner Deepa Christopher. We await confirmation from the firm.
