Future Retail enters into amendment agreement to modify joint venture terms for FGI Life

20 Apr 2016 Evaluate

Future Retail has entered an amendment agreement to modify certain terms and conditions in joint venture executed for the Future Generali India Life Insurance Company (FGI Life) to comply with the 'Guidelines on Indian owned and controlled' dated October 19, 2015 issued by Insurance Regulatory Development Authority of India (IRDAI). The amendment agreement was made on April 15, 2016 between Future Retail, Industrial Investment Trust, Participate Maatschappij Graafschap Holland NV (Generali), Sprint Advisory Services and FGI Life.

Upon amendments to the JV agreement, Indian shareholders (Future Retail, Industrial Investment Trust and Sprint Advisory Services) have a right to appoint at least one nominee director more than the total number of nominee directors to be appointed by Generali and any other non-resident shareholder on the Board of the company.

Future Generali India Insurance is a joint venture between the Future Group - the game changers in Retail Trade in India and Generali Group - a 184 year old global insurance group featuring among the world’s 50 largest companies. It provides a comprehensive solution to customers and enterprises through retail, commercial, personal and rural product offerings. 

Future Enterprises Share Price

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Peers
Company Name CMP
Avenue Supermarts 3446.75
Aditya Birla Fashion 282.65
Trent 7010.75
Vishal Mega Mart 101.83
Electronics Mart Ind 165.25
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