The Competition Commission of India (CCI) said on Wednesday it has approved Generali Participations Netherlands' proposal to increase stake in its India unit Future Generali India Insurance Company to 74 per cent from 49 per cent.
Generali Participations Netherlands is a wholly-owned subsidiary of Assicurazioni Generali (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 general insurance industry in India through Future Generali India Insurance Company (FGIIC).
The proposed combination relates to an acquisition of shares of FGIIC by Generali Participations Netherlands, an existing shareholder of FGIIC.
Generali Participations Netherlands (GPN) proposes to acquire approximately 25 per cent of the equity share capital of FGIIC held by Future Enterprises Limited, pursuant to which GPN's aggregate (direct and indirect) shareholding in FGIIC will stand increased from 49 per cent to approx. 74 per cent, CCI said in a statement.
( With inputs from ANI )
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