L&T Finance to buy half of Future Generali general insurance JV - Source

Last Updated: Mon, Mar 25, 2013 11:19 hrs

Indian retail chain operator Future Group has agreed to sell a 50 percent stake in its general insurance joint venture with Italy's Generali SpA to L&T Finance for roughly 5 billion rupees ($92 million), a source with direct knowledge of the matter said.

The companies were likely to make an announcement later on Monday, the source told Reuters, declining to be named.

Future Group, which runs the country's largest listed retailer, Pantaloon Retail, and L&T Finance, a unit of leading engineering and construction group Larsen & Toubro Ltd, both declined to comment.

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