New Delhi: 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 regulatory guidelines.
“The company has entered an amendment agreement on April 15, 2016 to modify certain terms and conditions in JV agreement executed for the FGI Life to give effect to
‘Guidelines on Indian owned and controlled’ dated October 19, 2015 issued by Insurance Regulatory Development Authority,”
Future Retail said in a BSE filing today. The amendment to the JV agreement was entered between Future Retail, Industrial Investment Trust, Participate Maatschappij Graafschap Holland NV (Generali), Sprint Advisory Services and FGI Life.
Future Retail holds 3 per cent stake in 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,” it added.