Pantaloon to sell 22.5 pct in insurance venture

MUMBAI Fri Mar 8, 2013 8:38pm IST

A man shows balloons in the colours of the Indian flag to his child at a market in Chandigarh August 15, 2008. REUTERS/Ajay Verma/Files

A man shows balloons in the colours of the Indian flag to his child at a market in Chandigarh August 15, 2008.

Credit: Reuters/Ajay Verma/Files

Related Topics

Stocks

   
Priyanka Gandhi Vadra, daughter of Congress party chief Sonia Gandhi, adjusts her flower garlands as she campaigns for her mother during an election meeting at Rae Bareli in Uttar Pradesh April 22, 2014. REUTERS/Pawan Kumar

Election 2014

More than 814 million people — a number larger than the population of Europe — are eligible to vote in the world’s biggest democratic exercise.  Full Coverage 

MUMBAI (Reuters) - India's Pantaloon Retail Ltd agreed to sell a 22.5 percent stake in its life insurance joint venture with Italy's Generali SpA as part of a move to pare holdings in unrelated businesses.

The country's top listed retailer by sales will sell the stake in Future Generali India Life Insurance Co to financial group Industrial Investment Trust Ltd, it said in a statement on Friday.

The company did not provide the financial terms of the deal.

Pantaloon holds 25.5 percent in the insurance venture, while its unlisted parent Future Group has a 49 percent stake. After the deal, which is subject to regulatory approvals, the group's combined holding will fall to 52 percent.

Generali owns 25.5 percent in Future Generali India Life Insurance, which posted a loss of 71.5 million rupees in the quarter through December, according to information on the company website.

Future Group, whose main activity is running hypermarket chains such as Big Bazaar in the domestic market, has been looking to exit or pare its holding in non-core businesses to reduce its debt.

In June 2012, the group agreed to sell a controlling stake in its Future Capital Holdings Ltd unit, which provides consumer and mortgage loans, to Warburg Pincus LLC for nearly $100 million.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Asian Markets

Asian Markets

Asian stocks flat after China PMI meets expectations  Full Article 

Chinese Economy

Chinese Economy

Factory activity shrinks for 4th month; pace of decline slows   Full Article 

International Gold

International Gold

Gold hovers near 2-1/2 month lows on firm equities, fund outflows  Full Article 

GM Lawsuit

GM Lawsuit

GM seeks U.S. court protection against ignition lawsuits  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage