Future arm to raise Rs. 3,000 crore from insurance biz sale

Debt-ridden Future Group firm Future Enterprises Ltd expects to raise around Rs 3,000 crore from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, according to industry sources.

FEL would raise nearly Rs 2,950 crore and will pay to its lenders, he added.

“This is part of the exercise that Future Group is doing to pay off as much debt of various cos so they can be regularised and do not go into insolvency,” he said.