Future Retail on Monday called off the merger of its insurance joint venture company, Future Generali India Insurance Company, with L&T General Insurance Company Ltd.
The transaction had envisaged the sale of a partial stake by Future to L&T and its other joint venture partner, Participatie Maatschappij Graafschap Holland NV (a subsidiary of Assicuranzioni Generali SPA), in the merged entity.
The Kishore Biyani-promoted Future Retail informed the BSE that it has decided not to proceed with the transaction due to an inordinate delay in finalising documents and obtaining approvals.
On Monday, Future Retail shares closed at ₹110.90, up 3.45 per cent, on the BSE.