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India's Videocon Industries sells entire stake in insurance joint venture

Indian consumer electronics maker Videocon Industries Ltd. said it divested its entire 51.32% stake in Liberty Videocon General Insurance Co. Ltd. for an undisclosed sum

The company sold a 26% stake to Diamond Dealtrade Ltd. and a 25.32% stake to Enam Securities Pvt. Ltd., according to a March 20 stock exchange filing. All relevant regulatory approvals were completed.

Liberty Videocon General Insurance is a joint venture between Videocon Industries and Liberty Mutual Insurance Group. The company will change its name to Liberty General Insurance Co. Ltd., subject to regulatory approval.