Without disclosing the deal package, Management of Pantaloon Retail announced their decision to part with their 22.50% of its shareholdings in its life insurance joint venture business with Future Generali India Life Insurance Company. These shares would be sold to Industrial Investment Trust Limited, an investment company listed on a Bombay Stock Exchange in the year 2008. This announcement is in line with their strategy to exit from non related businesses.
At present Pantaloon Retail holds 25.50% of share holdings in the insurance business, and once the deal is completed, which is subject to approval from market regulators, the total share holding by Future Group will come down 49% as against the present share holdings of 52%.
Further, Assicuranzioni Generali S.P.A or Generali, which is a leader in insurance and finance business in Italy, holds 25.50% of shares in Future Generali Life Insurance Business. According to the statistic published by the company on its website, the company had made a loss of Rs. 7.15 crores for the quarter ending December 2012.
