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Future Group to Hand Over Control of Insurance Business to Generali

    28 January , 2022         Fdiindia

Future Group to Hand Over Control of Insurance Business to Generali

Generali Participations Netherlands N.V. is set to become the majority shareholder in Future Generali India Insurance Co. Ltd., its insurance joint venture with Future Enterprises Ltd.

Future Enterprises has announced that it will sell 25% of its stake to its partner, making Generali the controlling partner. Currently, Generali owns 49% of the joint venture, while Future holds 51%.

In a corporate filing with the stock exchange, Future said that the sale will result in an estimated cash consideration of Rs. 1,252.96 crore, with an additional consideration, that it will receive after the transaction’s closing date.

Through the stake sale, Future Group will acquire much-needed capital to save its operating companies like Future Retail Limited being declared as loan defaulters. Future Retail has recently filed a petition in the Supreme Court to stop its investors from announcing it as a non-performing asset for failing to make loan payments.

After the deal, Generali will own 74% of the company, the maximum limit allowed for a foreign entity in an Indian firm under the latest foreign direct investment (FDI) policy.

According to the statement by the Future Group, Generali has also procured an alternative to acquire Future’s remaining stake, either directly or through a nominee, at a mutually agreed valuation subject to relevant regulatory approvals.

“Increasing Generali’s stake in our Indian Life and P&C (property and casualty) insurance businesses represents a further step ahead in our growth journey in this high potential market. With an expected double-digit annual growth rate, India’s insurance market offers considerable opportunities, and we look forward to deepening our presence in this geography, becoming Lifetime Partners to an increasing share of Indian customers,” said Jaime Anchústegui Melgarejo, CEO – International, Generali Group.


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