Future Group's KishoreBiyani is set to raise about Rs 800 crore by unlocking value in two insurance joint ventures with Italy's Generali Group. According to multiple sources, a formal announcement of the first transaction is expected as early as next week.To begin with, the Future Group will announce a deal in the life insurance JV, where Mumbai-based non-banking finance company Industrial Investment Trust (IITL) is picking up a 22.5% stake for Rs 280-300 crore. IITL will also have the option of buying an additional 1.5% stake within the next one year.Since 2007, the Biyani-promoted Future Group has had two partnerships with Generali - for life and general insurance. While the Future Group owns 74% in both, the Italian financial conglomerate owns 26% - the highest permissible limit under Indian laws. Of the 74%, Biyani's flagship Pantaloon Retail owns 50% - either directly or via special purpose vehicles - while the promoter family owns the remaining 24%.

Source - http://economictimes.indiatimes.com