L&T to begin general insurance biz soon

NEW DELHI: L&T General Insurance Company, promoted by the engineering giant Larsen & Toubro, on Monday said it will soon commence general insurance business.

The company has received necessary licence from the Insurance Regulatory and Development Authority for launching operations, L&T said in a statement.

"Given the size and the opportunity, L&T considers financial services as an important business in its portfolio. Entry into the general insurance business is part of our overall vision to build a wholesome financial services business," L&T whole-time director and chief financial officer Y M Deosthalee said.

The company would provide a complete range of retail and institutional solutions catering to individuals, small and medium enterprises and corporates across urban and rural markets. L&T will be the 24th player in the general insurance business.