Navi Technologies, an investment firm with a focus on the financial services sector, is in talks to acquire Future Generali India Life Insurance. The deal is reported to value the insurer at around INR15bn ($204m).Future Generali Life is a three-way joint venture, in which Future Group holds a total of 57.62%, Industrial Investment Trust owns 16.88% and Generali holds 25.5%. The embedded value of Future Generali Life is at around INR8bn and a multiple of 1.5-2 times the embedded value is a decent valuation for the company as per the industry standards.
It was reported in June that Biyani-promoted debt-laden Future Group is planning to exit both its general and life insurance businesses by selling off its controlling stakes in the two JVs with Generali Participations Netherlands.
The proposed deal will help to build Navi into a full-fledged financial services group with interests in the insurance, digital banking and FinTech sectors.
The proposed deal will help to build Navi into a full-fledged financial services group with interests in the insurance, digital banking and FinTech sectors.
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