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This is an archive article published on March 26, 2013

L038;T likely to buy 50 in Future Generali Insurance for Rs 560 cr

Lamp;T Finance will buy Pantaloon Retails 50 per cent stake in the general insurance business of Future Generali for an estimated Rs 560 crore

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L038;T likely to buy 50 in Future Generali Insurance for Rs 560 cr
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Lamp;T Finance will buy Pantaloon Retails 50 per cent stake in the general insurance business of Future Generali for an estimated Rs 560 crore. The deal values Future Generali India Insurance Company at around Rs 1,100 crore. Pantaloon Retail would be exiting the venture by selling 50 per cent stake through direct and indirect transfer to Lamp;T Finance,sources said,adding the deal could be valued around Rs 560 crore.

The contours of the deal are being finalised and an official announcement is expected on Tuesday.

Currently Future Group holds 74 per cent stake in the Future Generali India Insurance Company,while the remaining 26 per cent is with Italy-based Generali Group.

Out of Future Groups 74 per cent stake,50 per cent was with Pantaloon Retail and 24 per cent was with the promoter of the retail chain Kishore Biyani family.

Earlier this month,Pantaloon Retail had sold 22.5 per cent stake in Future Generali Life Insurance to investment company IITL for an estimated value of over Rs 300 crore. The deal valued the JV at over Rs 1,330 crore.

The move was aimed at helping Future Group to pare some its debt. Post the transaction,Lamp;T Finance would become the majority shareholder with 50 per cent stake in the general insurance venture. Future Group,which runs stores under formats like Big Bazaar,Food Bazaar,e-zone is estimated to have a consolidated debt of Rs 6,000 crore.

 

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