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.
Company Name | CMP |
---|---|
Larsen & Toubro | 3602.30 |
Rail Vikas Nigam | 289.85 |
KEC International | 728.30 |
Kalpataru Projects | 1179.00 |
NCC | 249.40 |
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