L&T General Insurance to merge with Future Generali

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 L&T General Insurance to merge with Future Generali
Larsen & Toubro: Quotes, News
BSE 1353.45BSE Quote8.9 (0.66%)
NSE 1353.80NSE Quote8.35 (0.62%)
Infrastructure major L&T today said that it has entered into a non binding term sheet for the merger of L&T General Insurance Company with Future Generali India Insurance.

On merger of the entities Larsen and Toubro would hold a stake of 51 per cent in the merged entity, while Future Generali would hold 26 per cent and the remaining would be held by the Future Group.

L&T General Insurance started business in 2010 and achieved a GWP of Rs 143 crores for the year ending March 2012.

The L&T stock reacted marginally to the news and was down 0.21 per cent in trade. Pantaloon Retail, a part of the Future Group reacted positively and was up 1.37 per cent in early trade.

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