L&T calls off merger talks with Future Generali Insurance

Larsen & Toubro Ltd 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 , 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% stake in the joint venture, with Generali holding 26% and the rest with Future Group.