March 26, 2013 / 23:19 IST
Heavy engineering and construction major Larsen & Toubro has acquired 50 percent stake in Future Generali India Insurance Company owned by Kishore Biyani's Future Group for around Rs 500 crore, reports CNBC-TV18.
Future Generali is a JV between Future Group and the Generali Group of Italy. The Future Group owns 74 per cent stake in the company while the Italian firm owns 26 per cent. Of the 74 per cent, Biyani's flagship
Pantaloon Retail, directly and via special purpose vehicles, holds 50 per cent while 24 per cent is held by the Biyani family.
Pantaloon Retail would offload the stake through direct and indirect transfer to L&T Finance Holding.
While Future Group will hold 23 percent in the merged entity, L&T will hold 51 percent.
Meanwhile, Future Group has said it is looking to raise around Rs 3000 crore through sale of non-core businesses and concentrate on the core retail operations.
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