Generali has acquired the entire stake, about 16 per cent, held by Industrial Investment Trust Limited (IITL) in Future Generali India Life (FGIL) and the subscription of additional shares in the life insurer.

This follows  approvals from regulatory and competition authorities, it said in a statement on Wednesday.

“Generali now holds a stake of around 68 per cent in FGIL, which may increase further to 71 per cent by the end of 2022, following further subscription of shares by Generali,” it said.

Foreign direct investment in insurance companies is currently capped at 74 per cent.

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.”

Miranjit Mukherjee, Interim CEO, Future Generali India Life Insurance, said, “This is the first of its kind of involvement we have witnessed in the insurance industry in India, and we believe that, with this strategic partnership, we will be able to scale up our insurance business to a new height.”