Industrial Investment Trust Ltd(IITL)has emerged to be the preferred bidder among its rivals to acquire the life insurance business of Future Group.

Future Group has inked a non-binding agreement with non-banking finance company IITL,to offload its controlling stake in its life insurance joint venture(JV)Future Generali.

The deal revolves around businesses,in which the Future Group owns 76%stake,while remaining stakes are controlled by the Italian underwriter,as reported by the CNBC-TV18.

The Future Group has planned to offload its general insurance and life insurance businesses in two separate transactions,which have a value of INR11bn($197.6m).

According to the agreement,Pantaloon part of the Future Group will dispose of nearly 50%of its stake in the life insurance business in the first stage.

The promoters,Kishore Biyani and family,will continue to hold approximately 25%stake along with Generali's stake,which will be disposed of separately in future.