Future Retail calls off proposal for JV with LTGI

Future Retail has decided mutually to call off the discussions and not to proceed with the proposed JV with Larsen & Toubro’s (L&T) general insurance subsidiary - L&T General Insurance (LTGI), due to inordinate delay in finalizing the transaction documents and obtaining permissions. Last year in March, the company was in talks for sale of partial stake to L&T and its other joint venture partner Participatie Maatschappij Graafschap Holland NV (which is a subsidiary of Assicuranzioni Generali S.P.A) in the merged entity to be created by aforesaid merger process. Future Retail (formerly known as Pantaloon Retail (India)) is India’s leading retail chain and part of Indian conglomerate Future Group. It operates retail space spread over 11 million square feet. It has a network of more than 1000 stores across 63 cities in India and has employee strength of 30,000 people.