The Competition Commission of India (CCI) on Monday said it has approved acquisition of shares of Future Generali India Life Insurance Company Limited (FGLIC) by Generali Participations Netherlands N.V (GPN), pursuant to which GPN's shareholding in FGLIC will stand increased from 49 per cent to nearly 71 per cent.
"The Proposed Acquisition relates to an increase in shareholding of an existing shareholder, i.e., Generali Participations Netherlands N.V. (GPN/Acquirer) in Future Generali India Life Insurance Company Limited (FGLIC/Target)," the Competition Commission of India (CCI) said in a statement.
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.
FGLIC is a life insurance company engaged in the provision of life insurance services/products in India. FGLIC provides simplified solutions for the financial security of customers, to deliver relevant and accessible insurance solutions.
( With inputs from ANI )
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