Tuesday, April 29, 2014

Future Group, L&T Call Off Proposed Insurance JV

Kishore Biyani's led Future Group has announced that it has called off the deal with Larsen & Toubro (L & T) to sell 51% of its stake in general insurance joint venture Future Generali India Insurance Company.

In a filing to the BSE, the Future Group said, “It has been decided not to proceed with the said transaction due to excessive delay in finalising the transaction documents and obtaining approvals.“

As per the agreement, on completion of the deal, L&T would have 51% of stake, while Generali Group would hold 26% of stake and the rest to be held by Future Group in the insurance joint venture.

The deal had valued Future Generali India Insurance Company at around Rs 1,100 crore.

Future Group holds 74% stake in the Future Generali India Insurance Company and rest 26% is held by the Italy based Generali Group.

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