Videocon Industries Exits Insurance Business

India's Videocon Industries Ltd has confirmed to have sold its entire stake in its joint venture with the US-based Liberty Mutual Insurance Group to Diamond Deal trade Ltd and Enam Securities Pvt Ltd.

Videocon, which had a 51.32% stake in the venture, Liberty Videocon General Insurance Company Ltd, sold 26% stake to DP Jindal Group's Diamond Deal trade and the remaining to Enam Securities for an undisclosed sum.

The joint venture will now be called Liberty General Insurance Company Ltd, representing a change in its name.

Videocon denied commenting on its exit, however, it is one of the companies that are being taken to bankruptcy court by its lenders for resolution of debt.