L&T to venture into general insurance biz in next six months: Report

Engineering & construction major Larsen & Toubro (L&T) is considering venturing into general insurance business in next six months, according to a media report.

The report further added that the company is expected to enter the insurance business on its own.

The funds for this foray will be raised from L&T in the form equity and this entity will have its own distinct identity, as indicated by the L&T chief financial officer Y M Deosthalee.

The company is likely to approach the Insurance Regulatory and Development Authority (IRDA) for its nod in the near term.

At present, around 20 companies are present in general insurance segment, out of which four are state-run entities.