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India-based Videocon to divest stake in insurance arm

India-based consumer electronics maker Videocon Industries Ltd. will off-load its 51.32% stake in insurance unit Liberty Videocon General Insurance Co. Ltd.

The company confirmed a Feb. 23 Moneycontrol report that it obtained approval from India's insurance regulator to sell the stake to D.P. Jindal Group and Enam Securities Pvt. Ltd.

Videocon said Feb. 28 that it proposed to sell a 26% stake in Liberty Videocon General Insurance to D.P. Jindal Group unit Diamond Dealtrade and the remaining 25.32% stake to Enam Securities for an undisclosed sum.

The deal is subject to various closing conditions.