The board of directors of Pantaloon Retail India, which met today, approved setting up a joint venture company with Italy-based The Generali Group (Generali), one of the largest insurance companies in the world, for its venture into insurance business in India.According to a release issued by Pantaloon to the BSE today, the proposed joint venture will set up companies for both life and general insurance business. "The Generali will have 26% stake in the venture and the balance shall be held by the company and its associates. The proposed joint venture is subject to the approval of Insurance Regulatory and Development Authority of India (IRDA) and other approvals as may be required," the release added.Generali, one of the largest insurance groups in the world, operates across 40 countries through 107 companies. "It ranks 22 in the list of Fortune 500 companies and is the largest corporation in Italy with an asset base of over euro 300 billion," the release said.
