The move will take place after all necessary approvals have been received from the relevant regulatory and competition authorities
The move will take place after all necessary approvals have been received from the relevant regulatory and competition authorities
Generali said it has completed the acquisition of Industrial Investment Trust Limited (IITL)’s entire stake (approximately 16%) in Future Generali India Life (FGIL) and the subscription of additional shares in FGLI, after obtaining the necessary regulatory and regulatory approvals competition authorities. Generali now owns a roughly 68% stake in FGIL, which could rise further to 71% by the end of 2022 following further subscriptions by Generali, it said.
“The deal is fully in line with the ‘Lifetime Partner 24: Driving Growth’ strategy, strengthens Generali’s position in fast-growing markets and confirms the group’s commitment to achieving profitable growth while creating added value for customers” , the company said in a statement. Jaime Anchústegui Melgarejo, Generali’s CEO International, said: “This acquisition is in line with Generali’s strategy to strengthen its position in a high-potential market and we look forward to deepening our presence in India and becoming Lifetime Partner for becoming a growing proportion of Indian customers.” Miranjit Mukherjee, Interim CEO of Future Generali India Life Insurance, said: “This is the first engagement of this kind that we have experienced in the insurance industry in India and we believe that we will be with this strategic partnership will be able to scale our insurance business to new heights.” “We are sure that all of our stakeholders will benefit; valued customers, employees and our trusted distributors, all of whom will add value,” he said.
