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Italy's Generali becomes majority shareholder in India Life JV

Reuters
·1-min read
FILE PHOTO: Logo of insurance company Generali is seen on the company headquarters in Budapest

MILAN (Reuters) - Generali has completed a deal to become the majority shareholder in its Future Generali India Life (FGIL) joint venture, the Italian insurer said on Wednesday.

Generali has paid some 26 million euros ($29 million) for a stake of around 16% held by Industrial Investment Trust Limited (IITL) in the Indian business and now holds a stake of around 68% in FGIL after subscribing for additional shares.

It may increase its stake to 71% by the end of 2022, it added in a statement.

"This acquisition is in line with Generali's strategy to reinforce its position in a high potential market," said Jaime Anchústegui Melgarejo, CEO International of Generali.

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Generali is in the midst of a power struggle with rebel shareholders challenging the board's plan to retain Chief Executive Philippe Donnet for a new term.

($1 = 0.8990 euros)

(Writing by Keith Weir, editing by Giulia Segreti)