Future Retail has divested 22.5% stake in life insurance joint venture (JV) Future Generali India Life Insurance to Industrial Investment Trust Ltd (IITL), following the receipt of the necessary approvals from governmental and regulatory authorities.
The move forms part of Future Group’s plan to reduce debt by selling non-core assets.
Future Generali India Life Insurance, a JV between Future Group and Italy-based Generali Group, offers an array of life insurance plans and services.
Following the completion of the divestment, Future Retail will continue to hold a 52% stake in Future Generali India.
Participatie Maatschappij Graafschap Holland and IITL will continue to be the other shareholders in the JV.
"Pursuant to receipt of the necessary approvals from governmental and regulatory authorities, namely Competition Commission of India, Insurance Regulatory Development Authority and Reserve Bank of India, the said transaction has been consummated on 17 December 2013," Future Retail said in a statement on BSE.