L&T to sell insurance arm to HDFC Ergo for Rs 551 cr | business | Hindustan Times
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L&T to sell insurance arm to HDFC Ergo for Rs 551 cr

business Updated: Jun 04, 2016 06:06 IST
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NEW DELHI: Larsen & Toubro is selling its entire stake in subsidiary L&T General Insurance Company (LTGI) to HDFC Ergo General Insurance company for Rs 551 crore in an all-cash deal, as part of the group’s plans to exit non-core assets. “The transaction envisages share sale by the company to HDFC Ergo and subsequent merger of HDFC Ergo and LTGI…Upon closing, the group would exit from the general and health insurance business,” L&T said on Friday.