Larsen & Toubro (L&T) has reported bought 50 per cent stake in Future Generali India Insurance Co for nearly Rs 500 crore.

Owned by Kishore Biyani's Future Group, Future Generali India Insurance Co is a joint venture (JV) between Future Group and Italy-based Generali Group.

Future Generali India Insurance Co is 74 per cent owned the Future Group, while the remaining stake is owned by the Italian firm. Of the 74 per cent stake, 24 per cent stake is owned by the Biyani family and 50 per cent owned by Pantaloon Retail.

Biyani's flagship Pantaloon Retail would sell the stake via direct and indirect transfer to the heavy engineering & construction giant's Finance Holding.

In the merged entity, Future Group and the heavy engineering & construction giant will own 23 per cent and 51 per cent stakes, respectively.

Emerging reports also suggest that Future Group has plans to pocket nearly Rs 3000 crore via sale of its non-core businesses. The reports also claim that the company is planning to offload its non-core businesses in order to concentrate on its core retail operations.