March 20, 2018 / 7:12 AM / a year ago

Videocon Industries exits insurance business

(Reuters) - India’s Videocon Industries Ltd said on Tuesday it sold its entire stake in its joint venture with U.S.-based Liberty Mutual Insurance Group to Diamond Dealtrade Ltd and Enam Securities Pvt Ltd.

Videocon, which had a 51.32 percent stake in the venture, Liberty Videocon General Insurance Company Ltd, sold 26 percent stake to DP Jindal Group’s Diamond Dealtrade and the remaining to Enam Securities.

The deal value was not disclosed.

The JV will change its name to Liberty General Insurance Company Ltd.

Videocon did not say why it exited the insurance business. However, it is one of the companies that are being taken to bankruptcy court by its lenders for resolution of debt.

Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu

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