L&T Finance to foray into general insurance by 2010

AHMEDABAD: L&T Finance, promoted by the engineering and construction major Larsen and Toubro(L&T) plans to foray into general insurance segment by 2010, company officials said here today.

The company also has plans to expand its footprint in Gujarat, for which its conducting an evaluation study.

"We are planning to open General Insurance Company by 2010. The business statistics are being worked out, but its at the board level right now. It will take us around a year's time to work out operation plans," Retail Finance Group Vice President of L&T Finance Dinanath Dubhashi told PTI.

Our company is doing a full study on Gujarat both in terms of making investment and expansion here, he said.

L&T Finance has four branches in Gujarat at Ahmedabad, Vadodara, Surat and Rajkot. The company is presently into financing of construction equipment, commercial vehicles, tractors and micro finance, besides other.

"We intend to open another branch of L&T Finance possibly at Mehsana, and are also focusing to start micro finance business in the state of Gujarat, Rajasthan, Chhatisgarh and Orissa," Executive Vice President, Financial Services of L&T, N Sivaraman said.

Presently, the company has micro finance operations in states of Andhra Pradesh, Karnataka and Tamilnadu.