Cash strapped Future Group company Future Enterprises Ltd (FEL) is reportedly planning to raise around Rs 3,000 crore by offloading its stake in the insurance business to pay off the debt in an attempt to save itself from going into the bankruptcy process.

Last week, the embattled company sold a 25 per cent stake in a general insurance joint venture, Future Generali India Insurance, to its partner Generali Participations Netherlands N.V. for Rs 1,266.07 crore to repay its debt.

“Now in the next 30-40 days, they will sell the remaining 25 per cent stake of the General insurance business for another Rs 1,250 crore to another entity,” news agency PTI reported citing an anonymous source familiar with the matter.

Further, FEL is considering selling its 33.3 per cent stake in its Life Insurance JV- Future Generali India Life Insurance Company Limited.

In separate deals, the remaining 33 per cent stake of the life insurance business will also be sold to Generali and another Indian company for a little over Rs 400 crore, the source added. With this, the Kishore Biyani’s group company will be completely out of the insurance business.

Through these deals, FEL will raise around Rs 2,950 crore and pay its lenders. All this exercise by Future Group is to ensure that the debt of various companies can be repaid so that they can become regularised and avoid facing insolvency proceedings.

Earlier, FEL had defaulted on repayment of Rs 2,911.51 crore of loans to its lenders. Debt-ridden Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on a payment of Rs 29.33 crore as interest on non-convertible debentures (NCDs).

Meanwhile, several news reports mentioned that Biyani, once regarded as India’s retail king, is planning to make a comeback in the retail venture by selling some assets and repaying part of his dues even as his crown jewel company Future Retail (FRL) faces bankruptcy proceedings because the Rs 25,000-crore Future-Reliance deal didn’t materialise.