Generali to own majority stakes in both Indian JVs

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MUMBAI: Italian insurer Generali will convert its insurance joint ventures (JVs) in India into majority owned subsidiaries by buying shares from embattled Future Group and Industrial Investment Trust. Generali has said that it will pay 145 million euros to buy an additional 25% stake in Future Generali India – its JV with Future, where it already holds 49% stake.
It has also signed a deal to acquire the entire stake (around 16%) held by Industrial Investment Trust (IITL) in Future Generali India Life (FGIL) for about 26 million euros, increasing its stake to 69% which could go up to 71% by end 2022 through additional investment.
Future Enterprises in a separate notice to exchanges said that it has agreed to sell a 25% stake in Future Generali India Insurance Company (FGIICL) to Generali Participations Netherlands (Generali) for Rs 1,253 crores, plus an additional consideration that…

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