CCI clears Generali Group’s stake purchase in India unit

Industry:    2022-01-25

Competition Commission of India (CCI) said on Monday it has cleared purchase of equity shares in Future Generali India Life Insurance Co. Ltd. (FGLIC) by Generali Participations Netherlands N.V (GPN), an arm of the Generali Group’s ultimate parent entity.

The deal relates to an increase in shareholding of GPN in Future Generali India Life Insurance Co. Ltd. After the deal, GPN’s will have a approximately 71% in the company compared with 49% now.

GPN proposes to increase its stake in tranches. The transaction entails subscribing to equity shares of FGLIC through a preferential allotment. This is the first tranche of the deal. The second stage of the deal entails purchasing all of Industrial Investment Trusts Limited’s (IITL) shareholding of FGLIC. IITL will completely exit FGLIC and will cease to be shareholder of this entity. GPN will also subscribe to equity shares of FGLIC through a preferential allotment in the third tranche.

GPN 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 Indian life insurance industry in India through FGLIC. GPN in engaged in the provision of life insurance services in India through FGLIC, CCI said.

FGLIC is a life insurance company engaged in the provision of life insurance services in India. It provides simplified solutions for the financial security of customers.

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