September 17, 2014 6:37 PM ET

Insurance

Company Overview of L&T General Insurance Company Limited

Company Overview

L&T General Insurance Company Limited provides general insurance products and services for individuals, small and medium enterprises, and corporate customers in India. The company focuses on rural and micro insurance, as well as offers property and casualty, automobile, and health insurance products. It also provides risk engineering services in the areas of loss prevention and control comprising property, machinery, business interruption, transportation, and motor fleet loss control. The company was incorporated in 2007 and is based in Mumbai, India. L&T General Insurance Company Limited operates as a subsidiary of Larsen & Toubro Ltd.

601-602, Trade Centre

Bandra Kurla Complex

Bandra (East)

Mumbai,  400051

India

Founded in 2007

Phone:

91 22 6123 0000

Key Executives for L&T General Insurance Company Limited

Chief Executive and Whole-Time Director
Age: 46
Compensation as of Fiscal Year 2014.

L&T General Insurance Company Limited Key Developments

Biyani Reportedly To Decide On Sale Of Stake in Future Generali

MF-Mercati Finanziari reported that Kishore Biyani will make a decision for his 74.5% stake in Future Generali India Insurance Company Ltd. in the next few weeks. Biyani has been looking for a buyer to sell his 74.5% stake in Future Generali. Biyani had started talks with L&T General Insurance Company Limited for a possible sale and the negotiations were expected to protract.

L&T And Future Generali's Deal Reportedly To Be Announced In 15 days

L&T General Insurance Company Limited is reportedly seeking to acquire 50% stake in Future Generali India Insurance Company Ltd. from Pantaloon Retail (India) Ltd. "The negotiations is in the final stages. The deal is likely to be announced in 15 days," one of the sources said. Of the 74% stake held by Future Group, Pantaloon Retail India Ltd holds 50% stake and the Biyani family holds around 24%. L&T Finance will buy the stake in the non-life insurance company from Pantaloon Retail. Biyani Family will hold to the 24% stake for the time being but eventually exit in future," sources added. L&T Finance Holdings spokesperson denied to comment and K.G.K. Rao, Future Group Chief Financial Officer denied about such deal, NewsWire18 said.

Pantaloon Retail Reportedly To Sell Stake In Future Generali India

Pantaloon Retail (India) Ltd. of Future Group is reportedly seeking to sell stake in Future Generali India Insurance Company Ltd. to L&T General Insurance Company Limited, sources reported. According to two independent sources, talks between L&T and Future Group have moved to an advanced stage for buying out Pantaloon Retail's stake in Future Generali India. The idea is to first sell Pantaloon Retail's stake to L&T General Insurance for INR 6 billion, which in turn will deleverage its balance sheet. The Biyani family may still retain their stake initially but if the government hikes the FDI limit in the sector to 49% it will give them an exit route too. Kishore Biyani, Chief Executive Officer of Future Group, declined to comment.

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