India's Future Generali Life Insurance sells 22.5% stake to IITL
Industrial Investment Trust (IITL) will acquire a 22.5% stake in the life insurance unit of India's Pantaloon Retail, Future Generali India Life Insurance (FGLI).
In a regulatory filing, Pantaloon Retail revealed it had entered a share purchase agreement with IITL, a registered non-banking financial company (NBFC) which also makes private equity investments.
Post transaction, Future Group, which consists of Pantaloon Retail and Sprint Advisory Services, will hold a 52% stake in FGLI along with Participatie Maatschappij Graafschap Holland, a unit of Italy's Assicurazioni Generali. The transaction is subject to regulatory approval.
This is not the first time a unit of Future Group has benefited from private equity investment. Last November, Warburg Pincus purchased a 25.6% stake in NBFC Future Capital Holdings for INR2.7 billion ($49.7 million). The purchase brought Warburg's entire stake to around 68.4%. The company has subsequently been rebranded as Capital First.
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