Indian retail chain operator Future Group has agreed to sell a 50 per cent stake in its general insurance joint venture with Italy's Generali SpA to L&T Finance for roughly Rs 500 crore, a source with direct knowledge of the matter said.
The companies were likely to make an announcement later on Monday, the source told Reuters, declining to be named.
Future Group, which runs the country's largest listed retailer, Pantaloon Retail, and L&T Finance, a unit of leading engineering and construction group Larsen & Toubro Ltd, both declined to comment.
Copyright @ Thomson Reuters 2013
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
