Generali has completed the acquisition of 25 per cent of the shares of Future Generali India Insurance (FGII) from Future Enterprises Limited and will now hold a stake of around 74 per cent in the insurer.
“Generali received the approval from the relevant regulatory and competition authorities,” it said in a statement on Saturday.
Jaime Anchústegui Melgarejo, CEO International of Generali, said: “This acquisition is in line with Generali’s strategy to reinforce its position in a high potential market and we look forward to deepening our presence in India, becoming lifetime partners to an increasing share of Indian customers in both Life and P&C businesses.”
Significantly, Generali is the first international insurer to step-up to a majority stake in both its Indian Life and P&C insurance joint venture companies since the higher foreign direct investment cap of 74 per cent has been notified last year.
Rob Leonardi, Regional Officer, Generali Asia, said: “We’re excited that we are now able to consolidate our position in our P&C Indian insurance JV.”
Debt ridden Future Enterprises had in January this year announced that it had agreed to sell 25 per cent stake in FGII to its JV partner Generali Participations Netherlands NV for ₹1,266.07 crore as part of its asset monetisation plans to pare debts.