Pantaloon Retail (India) has signed a non-binding term sheet with Larsen & Toubro (L&T) for merger of its insurance joint venture company Future Generali India Insurance Company (FGIICL) with L&T General Insurance Company (LTGI) and sale of partial stake to L&T and its other joint venture partner Participatie Maatschappij Graafschap Holland NV, a subsidiary of Assicuranzioni Generali S.P.A, in the merged entity.
The aforesaid transactions are subject to the receipt of the necessary approvals from governmental and regulatory authorities, including the CCI and the IRDA.
Post completion of the transaction, Future Group shall continue to hold 23% shares in the merged entity with the other shareholders being Participatie Maatschappij Graafschap Holland NV holding 26% and L&T holding 51% of shares in merged entity.
