Competition Commission of India (CCI) has approved the proposed deal whereby Generali Participations Netherlands N.V. will increase its stake to 71 per cent in Future Generali India Life Insurance Company.
CCI stated that it has approved ''acquisition of shares of Future Generali India Life Insurance Company by Generali Participations Netherlands N.V. pursuant to which its shareholding will increase from 49% to approximately. 71%''.
Post the latest deal, IITL will be completely exiting Future Generali India Life Insurance Company.
Future Generali India Life Insurance is currently a joint venture between Future Group, Italy's Generali Group and Industrial Investment Trust Ltd (IITL).
(With inputs from PTI)