Business Standard

Italy's Generali becomes majority shareholder in India Life JV

Generali is in the midst of a power struggle with rebel shareholders challenging the board's plan to retain Chief Executive Philippe Donnet for a new term

Future Generali

It may increase its stake to 71% by the end of 2022, it added in a statement

Reuters Milan
Generali has completed a deal to become the majority shareholder in its Future Generali India Life (FGIL) joint venture, the Italian insurer said on Wednesday.
Generali has paid some 26 million euros ($29 million) for a stake of around 16% held by Industrial Investment Trust Limited (IITL) in the Indian business and now holds a stake of around 68% in FGIL after subscribing for additional shares.
It may increase its stake to 71% by the end of 2022, it added in a statement.
"This acquisition is in line with Generali's strategy to reinforce its position in a high potential market," said Jaime Anchústegui Melgarejo, CEO International of Generali.
Generali is in the midst of a power struggle with rebel shareholders challenging the board's plan to retain Chief Executive Philippe Donnet for a new term.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 30 2022 | 4:48 PM IST

Explore News