Generali readies capital infusion plans for India JV
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Generali readies capital infusion plans for India JV
Milan: Italy's Generali Group has drawn up plans for capital infusion in its Indian venture to scale up its business in the country. India is set to raise foreign direct investment in the insurance sector to 100% from 74%, which would allow this capital infusion."We do expect that there will likely be a need for capital injection but we will have a better idea on that once the shareholder agreements are concluded, which are still in process," Rob Leonardi, Regional Officer, Generali Asia, told ET on the sidelines of the 58th annual meeting of the Asian Development Bank here.He declined to give details about the quantum or time frame of the capital infusionGenerali forayed into India's insurance sector in 2007 with a tie-up with the Future Group. Central Bank has acquired shares from the Future Group as part of the insolvency process including 24.91% shareholding in Future Generali India Insurance and 25.18% shareholding in Future Generali India Life Insurance.Leonardi said the group will continue with 74% equity even as the option to raise it 100 % is expected (with the increase in FDI cap). "We are very much looking forward to developing our partnership with Central Bank and working with them," he said.The Indian government is expected to introduce the Insurance amendment bill to raise the foreign investment limit to 100% in the upcoming monsoon session.India is the second largest market for the group in Asia, he noted.(The reporter is in Milan at the invitation of ADB)
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