M&A

M&A

Bandhan eyes controlling stake in Future Generali Life Insurance

Economic Times  

Bandhan Financial Holdings has offered to buy out Future group's stake and acquire a controlling interest in Future Generali India Life Insurance Company -- a three-way joint venture between the Future Group, Industrial Investment Trust (IIT) and Generali, an Italian insurance and asset management giant. The holding company of Bandhan Bank is willing to pay a premium to buy Future Group's 34% and another 17% stake in the unlisted company. Generali owns 49% in the JV while IIT holds 17%. Bandhan would go for the deal only if it gets a majority stake. Generali also has the option to raise its stake with the law now permitting an overseas partner to hold up to 74% in local insurance ventures.