Mumbai, 28th May, 2018 – Liberty Videocon General Insurance has changed its name to Liberty General Insurance with Videocon Industries selling their entire equity stake in the company in March this year. Earlier, Videocon Industries held 51.32% of the stake in the Liberty Videocon General Insurance Company, which has now been sold to Diamond Dealtrade of the DP Jindal Group, and Enam Securities.
The Insurance Regulatory and Development Authority of India has approved the sale of Videocon Industries' stake in Liberty Videocon General Insurance Co. Ltd, and with that, Videocon now ceases to be the Indian promoter of Liberty Videocon General Insurance, which has now been rechristened as the Liberty General Insurance Company.
Videocon Industries has sold its 51.32% share capital in the company, of which, 26% has been sold to Diamond Dealtrade, a part of the steel pipe-maker, DP Jindal Group, and the remaining 25.32% has been handed over to Enam Securities. Liberty Citystate Holdings Pte Ltd, a unit of the US-based Liberty Mutual Insurance Co., is now the majority stake holder with 48.68% share.
About Liberty General Insurance
With an aim to help people in India live safer lives, with more security, offering comprehensive commercial, retail, and industrial insurance solutions, Liberty General Insurance was established in the year 2013. Liberty General Insurance Ltd. is a joint venture between Liberty Citystate holdings PTE Ltd, which is a group company of the US headquartered Liberty Mutual Insurance Group, a leading multinational group; Enam Securities, a privately owned firm that makes long-term investments in listed companies; and DP Jindal Group, an industrial conglomerate. Today, the company has employee strength of more than 1100 and a network of more than 60 offices in 58 cities across 23 states in India. With a partner network consist sting of about 5000 hospitals and more than 3100 auto service centres, the company offers a number of insurance products in India, including car and two-wheeler insurance, health and personal accident insurance, employee compensation insurance, fire and engineering insurance, marine insurance, etc.
Liberty General Insurance Ltd.
10th floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai (400013)
T: + 91 22 6700 1377 | M: +91 91631 70601
For more information, visit: https://www.libertyinsurance.in