Industrial Investment Trust Ltd (IITL) has emerged to be the preferred bidder among its rivals to acquire the life insurance business of Future Group.

Future Group has inked a non-binding agreement with non-banking finance company IITL, to offload its controlling stake in its life insurance joint venture (JV) Future Generali.

The deal revolves around businesses, in which the Future Group owns 76% stake, while remaining stakes are controlled by the Italian underwriter, as reported by the CNBC-TV18.

The Future Group has planned to offload its general insurance and life insurance businesses in two separate transactions, which have a value of INR11bn ($197.6m).

According to the agreement, Pantaloon part of the Future Group will dispose of nearly 50% of its stake in the life insurance business in the first stage.

The promoters, Kishore Biyani and family, will continue to hold approximately 25% stake along with Generali’s stake, which will be disposed of separately in future.