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.
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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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