Financial Daily from THE HINDU group of publications
Wednesday, May 24, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 24, 2006 |
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Money & Banking
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Alliances & Joint Ventures Pantaloon, Italian insurer in pact Our Bureau
Mumbai , May 23 The Italian insurance major Assicurazioni Generali Group has signed an agreement with Pantaloon Retail for setting up a life and non-life insurance joint venture in India. The new venture will be named `Future Generali' and will be headquartered in Mumbai. Generali will hold 26 per cent equity stake in both the ventures and the remaining 74 per cent will be held by the Future Group through its retail arm Pantaloon Retail Ltd and Pantaloon Industries. Generali is present in 40 countries and is a leading operator in Germany, France, Austria, Spain, Switzerland and Israel. Both the companies will begin with an initial capital base of Rs 200 crore, after they obtain approval from the Insurance Regulatory and Development Authority.
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