Mumbai: Kishore Biyani-controlled Future Retail Ltd said on Tuesday that it had received necessary approvals from the government and regulatory authorities to sell a 22.5% stake in life insurance firm Future Generali India Life Insurance Co. Ltd to Industrial Investment Trust Ltd (IITL).

“The receipt of the necessary approvals from governmental and regulatory authorities, namely Competition Commission of India, Insurance Regulatory Development Authority and Reserve Bank of India, the said transaction has been consummated on 17 December 2013," the company said in a statement on BSE.

On 8 March, Future Retail Ltd, formerly known as Pantaloon Retail (India) Ltd, informed the exchanges that the company would sell a 22.5% stake in life insurance firm Future Generali India to IITL.

IITL is a non-deposit taking, non-banking financial company. After the completion of the transaction, Future Group continues to hold a 52% stake in Future Generali India, with Participatie Maatschappij Graafschap Holland NV, a unit of Assicurazioni Generali SpA, and IITL being the other shareholders, said the statement.

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