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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