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L&T calls off merger talks with Future Generali Insurance

Reuters
A man waits at a bus-stop with an advertisement of Larsen & Toubro outside the company's manufacturing unit in Mumbai January 22, 2014. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - Larsen & Toubro Ltd (LART.NS) said on Monday its unit had called off talks with Future Generali Insurance, a joint venture between local retail chain operator Future Group and Italy's Generali (GASI.MI), to merge their businesses.

The company did not give any reason for ending the merger talks.

Last March, L&T General Insurance, a unit of construction and engineering company Larsen & Toubro, and Future Generali had signed an agreement to merge the businesses.

After the deal, L&T was expected to hold a 51 percent stake in the joint venture, with Generali holding 26 percent and the rest with Future Group.

(Reporting by Aradhana Aravindan; Editing by Sumeet Chatterjee)