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IITL likely to emerge as preferred bidder for Future Group’s insurance business

Industrial Investment Trust Ltd (IITL) has emerged to be the preferred bidder among its rivals to acquire the life insurance business of Future Group.

Future Group has inked a non-binding agreement with non-banking finance company IITL, to offload its controlling stake in its life insurance joint venture (JV) Future Generali.

The deal revolves around businesses, in which the Future Group owns 76% stake, while remaining stakes are controlled by the Italian underwriter, as reported by the CNBC-TV18.

The Future Group has planned to offload its general insurance and life insurance businesses in two separate transactions, which have a value of INR11bn ($197.6m).

According to the agreement, Pantaloon part of the Future Group will dispose of nearly 50% of its stake in the life insurance business in the first stage.

The promoters, Kishore Biyani and family, will continue to hold approximately 25% stake along with Generali’s stake, which will be disposed of separately in future.