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.
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)
