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Mar 08, 2013
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Future Generali Life Insurance sells 22.5% stake to IITL
India's top retailer Future Group has agreed to sell 22.5% stake in its life insurance joint venture with Italy's Generali Group to Industrial Investment Trust Ltd in a deal estimated at 280-300 crore.The deal will value Future Generali India Life Insurance Co at approximately 1,250 crore. In a filing to Bombay Stock Exchange, Future Group's listed firm Pantaloon Retailsaid that it has entered into a share-purchase agreement with non-banking finance company Industrial Investment Trust (IITL) to sell 22.5% holding in the life insurance venture.After the transaction, Future Group's holding in the firm will slip to 51.5%. Generali holds 26%. The Italian firm is expected to raise it to 49% once India raises the foreign investment limit in insurance.Mumbai-based IITL is in the insurance broking business with 14 branches and 250 employees. It plans to have 25 branches by the end of the year.
Source -
http://economictimes.indiatimes.com
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