MUMBAI, March 8 (Reuters) - India's Pantaloon Retail Ltd
agreed to sell a 22.5 percent stake in its life
insurance joint venture with Italy's Generali SpA as
part of a move to pare holdings in unrelated businesses.
The country's top listed retailer by sales will sell the
stake in Future Generali India Life Insurance Co to financial
group Industrial Investment Trust Ltd, it said in a
statement on Friday.
The company did not provide the financial terms of the deal.
Pantaloon holds 25.5 percent in the insurance venture, while
its unlisted parent Future Group has a 49 percent stake. After
the deal, which is subject to regulatory approvals, the group's
combined holding will fall to 52 percent.
Generali owns 25.5 percent in Future Generali India Life
Insurance, which posted a loss of 71.5 million rupees ($1.3
million) in the quarter through December, according to
information on the company website.
Future Group, whose main activity is running hypermarket
chains such as Big Bazaar in the domestic market, has been
looking to exit or pare its holding in non-core businesses to
reduce its debt.
In June 2012, the group agreed to sell a controlling stake
in its Future Capital Holdings Ltd unit, which provides consumer
and mortgage loans, to Warburg Pincus LLC for nearly
($1 = 54.5350 Indian rupees)
(Reporting by Nandita Bose and Sumeet Chatterjee; Editing by