Larsen & Toubro Ltd.

The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has reiterated that insurance behemoth Life Insurance Corporation (LIC) has to bring down its stakes in Larsen & Toubro (L&T) to below 15 per cent by December 2018. The investment in the company is considered as non-strategic investments for LIC. Insurance major holds 17.97 per cent stake in L&T.

LIC has been holding these two companies on behalf of government since UTI was broken up in the early years of the new millennium through Suuti or Specified Undertaking of Unit Trust of India, along with stakes in Axis Bank.

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.