Future Generali India CCI approves acquisition of equity stake in Future Generali by Generali Participations Netherlands
India's the anti-trust watchdog Competition Commission of India (CCI) has approved the acquisition of equity stake in Future Generali India Insurance Company Limited by Generali Participations Netherlands N.V., an official release said.
GPN proposes to acquire nearly 25 percent of the equity share capital of FGIIC held by Future Enterprises Limited, pursuant to which GPN’s aggregate (direct and indirect) shareholding in FGIIC will stand increased from 49 percent to about 74 percent.
Generali Participations Netherlands N.V. (GPN / Acquirer) is a wholly-owned subsidiary of Assicurazioni Generali S.p.A (“Generali Group”), the ultimate parent entity of the Generali group of companies.
The Generali Group is a global insurance provider and is present in the general insurance industry in India through FGIIC.
Future Generali India Insurance Company Limited (FGIIC / Target) is a general insurance company engaged in the provision of non-life or general insurance services in India.
The proposed combination relates to an acquisition of shares of FGIIC by GPN, an existing shareholder of FGIIC.
More details about the CCI order are awaited.
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