Italy's Generali Group will raise its stake in Indian insurance joint ventures --Future Generali India Life Insurance and Future Generali India Insurance-- to 49% from the current holding of 25.5%, according to a regulatory filing by the Kishore Biyani-led Future Enterprises.
It had entered into amended and restated joint venture agreements pertaining to increasing Generali's stakes in the insurance joint ventures.
In a joint statement, Generali Group said, "Through this transaction, Generali has committed up to approximately EUR120 million ($140 million) to the partnership which will continue to leverage the far-reaching distribution network of Future Group, a unique platform and customer ecosystem to offer insurance protection solutions within India with a focus on digital."
The transaction is expected to close during the second half of 2018 subject to regulatory approval and customary closing conditions.
A number of foreign players, including AXA, Standard Life, Sun Life Assurance and Nippon Life, have raised their stake in their respective insurance joint ventures in India after the government raised in 2015 the foreign investment ceiling in insurance companies to 49% from 26% previously.