Latest news with #Rs4.5bn
Yahoo
09-06-2025
- Business
- Yahoo
Central Bank of India picks stake in Future Generali entities
The Central Bank of India (CBI) has acquired equity stakes in both Future Generali India Life Insurance Company Limited (FGILICL) and Future Generali India Insurance Company Limited (FGIICL). The state-owned bank acquired a 25.18% stake in FGILICL for Rs570m ($6.65m) and a 24.91% stake in FGIICL for up to Rs4.5bn, both in cash. These deals involve the purchase of 65,43,80,439 equity shares in FGILICL and 35,06,30,136 equity shares in FGIICL. They were completed following approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI). In November 2024, the RBI approved the CBI's proposal to enter both life and non-life insurance sectors through a partnership with the Generali group. The FGILICL is headquartered in Mumbai and was incorporated in 2006, with Generali holding a 73.99% stake. The company operates through more than 1,300 owned and partnered locations across India. It offers a range of insurance solutions for individuals and groups. The FGIICL, also based in Mumbai and incorporated in 2006, provides retail, commercial, personal and rural insurance products. It operates in more than 150 business locations across the country. Generali holds a 74% stake in the FGIICL. "Central Bank of India picks stake in Future Generali entities " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
23-05-2025
- Automotive
- Business Recorder
Sazgar plans NEV rollout by FY26, ups CapEx to Rs11.5bn
Sazgar Engineering Works (SAZEW) is expected to rollout NEV [new energy vehicles] into the Pakistani market in the latter part of FY26, as the automaker announced to raise the capital expenditure (CapEx) of its NEV facility by 155%. The update was provided in an analysts' briefing attended by brokerage houses on Friday. 'The company recently announced that it had revised the cost of its CapEx from the earlier Rs4.5bn to Rs11.5bn on its new NEV plant manufacturing/assembly facility and other cost efficiency projects which include: 1) expansion of existing paint shop, 2) construction of new warehousing facilities, and 3) installation of 5.7MW solar power plant,' said JS Global, who attended the corporate briefing, in its report on Friday. 'The first rollout of NEV vehicles, which will most likely include ORA vehicles, is expected in the latter part of FY26,' it added. Sazgar to launch ORA-07 EV in Pakistan ORA is a sub-brand of Chinese automotive giant Great Wall Motors (GWM), which specialises in EVs. GWM is a major player in the global automotive industry, with a portfolio that includes well-known brands such as Haval, Ora, and Tank, along with the innovative automotive technology firm Salon Mecha Technology Co., Ltd. Furthermore, Sazgar management reaffirmed their plans to launch GWM Tank 500 (Luxury SUV) and are also considering PHEV models, said JS Global. Moreover, the company's production capacity is expected to increase from roughly 40 units per day currently to around 90 after the expansion, it said. '[Sazgar's] management apprised that these new vehicles will not fall under the greenfield status,' read the report. JS Global was of the view that the automaker is prioritizing volumetric growth and the launch of its NEV line-up is expected to help preserve margins depending on the incentives given in the upcoming NEV policy.
