Future Generali India Life Insurance Company Limited (FGILI), a joint ventu...
Future Retail Ltd which holds a stake in Future Generali India Life Insurance has got a nod to sell 22.5% equity share capital to Mumbai-based NBFC, Industrial Investment Trust Ltd (IITL).
IITL is a non-deposit taking, non-banking finance company in the insurance broking business. Future Retail received the necessary approvals from the Insurance Regulatory and Development Authority of India (IRDA), Competition Commission of India and the Reserve Bank of India (RBI).
After this divestment, Future Group will be left with 52% stake in the life insurance arm. Participatie Maatschappij Graafschap Holland NV continues to hold 25.5%stake and now IITL holding will have the remaining 22.5 per cent stake.