PremiumA Mumbai city court late last month put on hold Future's planned sale of its 25% stake in Future Generali India Insurance Company to Generali for 12.52 billion rupees
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Mumbai High Court has cleared the path for Future Enterprises' stake sale in its general insurance joint venture with Italy's Generali, an exchange filing showed on Monday.
A Mumbai city court late last month put on hold Future's planned sale of its 25% stake in Future Generali India Insurance Company to Generali for 12.52 billion rupees ($162.82 million), after a legal challenge from some bondholders of Future companies that had defaulted.
Apart from the Generali joint venture, Future Enterprises holds Future Group's investments in textile manufacturing, supply chain and logistics.
The latest order comes as a relief to the Future Group, which is in dire need of funds to pay off a mountain of debt. It has been fighting a legal battle with Amazon.com Inc, which has objected to the sale of its retail assets to rival Reliance Industries.
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