To increase Generali's stake in insurance ventures in India from 25.5% to 49%
Future Enterprises has on 25 June 2018 signed / entered into Amended and Restated Joint Venture Agreements pertaining to its insurance joint ventures with Participatie Maatschappij Graafschap Holland NV (Generali or PMGH) and others with regard to Future Generali India Life Insurance Company (FGI-Life) and Future Generali India Insurance Company (FGI-Nonlife), Sprint Advisory Company (Sprint) and Shendra Advisory Company (Shendra).The purpose of entering into agreements is to increase Generali's stake in insurance ventures viz. FGI-Life and FGI-Nonlife in India, to 49% from present - 25.5% subject to necessary regulatory and statutory approvals.
The significant terms of the amended and restated Joint Venture Agreements provides for -
(i) The insurance ventures viz. FGI-Life and FGI-Nonlife would continue to be under Indian control and Indian operated;
(ii) There are no material changes in the terms and conditions of the Agreement.
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