Mumbai: Future Enterprises on Thursday said it has agreed to sell 25 per cent stake in its general insurance joint venture Future Generali India Insurance Company to its JV partner Generali Participations Netherlands for a cash consideration of Rs 1252.96 crores, plus an additional consideration that is linked to the date of the closing of the transaction. Generali has also acquired an option to buy out the company’s remaining interest in FGIICL, directly or through a nominee, at an agreed valuation subject to applicable regulatory approvals, Future Enterprises said in a statement issued here. Generali had earlier received approval from the Competition Commission of India to purchase a 16 per cent stake held by Industrial Investment Trust in the life insurance joint venture, Future Generali India Life Insurance Company. It has also agreed to invest up to Rs 330 crore in tranches in the life insurance JV to fund its growth plans. Following these transactions, Generali will acquire a majority stake and control in both Insurance Joint Ventures. “FEL has received offers from potential buyers for its remaining 24.91 per cent interest in FGIICL. It is also exploring options for the sale of its 33.3 per cent interest in the life insurance JV and expects to complete the exit of its holding in the insurance joint ventures in a time bound manner to meet its commitment under one-time restructuring plan implemented under August 6, 2020 circular issued by Reserve Bank of India in relation to Resolution Framework for Covid-19 related stress,” the company said. Metta Capital Advisors acted as the Financial Advisors and Trilegal acted as the Legal Advisors to FEL for this transaction, which is subject to applicable regulatory approvals and other customary conditions.