The planned sale of stake in Future Generali India Life Insurance Company to Industrial Investment Trust Ltd (IITL) has received approval from fair trade regulator Competition Commission of India (CCI).
The approval was granted after a notice was issued by IITL to the Commission last month and involved scrapping of some defects/incomplete information included in the release, as reported by The Hindu.
The acquisition, which involves purchasing 22.5% share of Future Generali India, also includes an option to buy 1.5% stake in the life insurer by IITL from Pantaloon Retail known as "Future Retail."
Currently, around 74.5% stake in the life insurance company is held by Future Retail and Sprint Advisory Services Pvt Ltd, which are Future Group firms.
German entity Generali Group's subsidiary, Participatie Maatschappij Graafschap Holland NV holds the remaining 25.5% interest in the firm.
Future Generali offers both the life and non-life businesses through Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
IITL was set up as an investment company and to invest in shares, stock, debentures and bonds.
