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December 18, 2013updated 13 Apr 2017 8:37am

Future Retail receives regulatory approval to divest 22.5% stake in life insurance JV

Future Retail has been granted permission by the concerned government and regulatory agencies to sell a 22.5% stake in the life insurance joint venture (JV) Future Generali India Life Insurance to Industrial Investment Trust Ltd (IITL).

By Verdict Staff

The deal has been valued at nearly INR3.5bn ($56.69m) and after completion of sale, Future Group will continue to hold a 52% stake in the insurance JV.

"The receipt of the necessary approvals from governmental and regulatory authorities, namely Competition Commission of India, Insurance Regulatory Development Authority and Reserve Bank of India, the said transaction has been consummated on 17 December 2013," Future Group said in a statement on BSE.

Formed by two business houses Future Group and Generali Group, Future Generali India Life Insurance delivers various life insurance plans and services.

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