Larsen & Toubro (L&T) is planning to sell 49 percent stake in its general insurance company to a foreign entity. The deal is expected to be finalised in the next three to six months. L&T General Insurance Company is a wholly owned subsidiary of the company and among the few in the sector without a foreign partner.
The Insurance Laws (Amendment) Act of 2015 has allowed foreign direct investment (FDI) up to 49 percent in insurance companies. Earlier, only 26 percent FDI was allowed.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $15 billion in revenue. It operates in over 30 countries worldwide.
