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March 14, 2013updated 13 Apr 2017 8:40am

Future Group divests 22.5% stake in Future Generali Life Insurance

Pantaloon Retail (India) Limited has entered into share purchase agreement (SPA) with Industrial Investment Trust Limited (IITL) to sell its part holding in Future Generali India Life Insurance Company Limited (FGILICL) representing 22.5% of the equity share capital of FGILICL in accordance with the terms and conditions of the SPA.

By Verdict Staff

After completion of this transaction, Future Group will continue to hold 52% shares in FGILICL with the other shareholders being Participatie Maatschappij Graafschap Holland NV (which is a subsidiary of Assicuranzioni Generali SPA) and IITL, Pantaloon Retail said.

IITL is an investment company duly registered as a non-banking financial company with the Reserve Bank of India and is listed on the BSE Limited and the National Stock Exchange of India Limited.

FGILICL is a joint venture, for life insurance business in India, between Future Group and the Italy-based Generali Group. Future Group and Generali have joined hands for both the life and non-life insurance businesses in India.

The transaction is subjected to the receipt of the necessary approvals from governmental and regulatory authorities, including the CCI, the IRDA and the RBI.

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