CCI clears Generali Group acquiring addl stake in Future Generali India Life Insurance

Competition Commission of India CCI has approved the proposed deal whereby Generali Participations Netherlands N.V. will hike its stake to 71 per cent in Future Generali India Life Insurance Company.Future Generali India Life Insurance is currently a joint venture between Future Group, Italys Generali Group and Industrial Investment Trust Ltd IITL.The Italian group will purchase additional stake in the insurer through Generali Participations Netherlands N.V.

Competition Commission of India (CCI) has approved the proposed deal whereby Generali Participations Netherlands N.V. will hike its stake to 71 per cent in Future Generali India Life Insurance Company.

Future Generali India Life Insurance is currently a joint venture between Future Group, Italy's Generali Group and Industrial Investment Trust Ltd (IITL).

The Italian group will purchase additional stake in the insurer through Generali Participations Netherlands N.V. (GPN).

In a tweet on Friday, CCI said it has approved ''acquisition of shares of Future Generali India Life Insurance Company by Generali Participations Netherlands N.V. pursuant to which its shareholding will increase from 49% to approx. 71%''.

GPN is a wholly-owned subsidiary of Assicurazioni Generali S.p.A (Generali Group), the ultimate parent entity of the Generali group of companies.

A global insurance provider, Generali Group is present in the Indian life insurance industry through Future Generali India Life Insurance Company.

Post the latest deal, IITL will be completely exiting Future Generali India Life Insurance Company.

Deals beyond a certain threshold require the approval of CCI, which works to ensure fair competition in the market place.

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