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India's Larsen to tie up with Travelers - paper

Wed Jan 30, 2008 11:04pm EST

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MUMBAI, Jan 31 (Reuters) - India's top engineering and construction firm Larsen & Toubro Ltd (LART.BO) will sign an agreement with U.S. insurer Travelers (TRV.N) shortly, the Business Standard said on Thursday.

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L&T, which last year said it would launch a $1 billion infrastructure fund, will also launch a wholly owned asset management company, the newspaper said, in an unsourced report.

The insurance venture, in which Travelers will hold 26 percent, the maximum limit permissible by Indian law, will focus "primarily on areas such as project insurance", the paper said, adding the agreement was likely to be signed "soon".

A spokeswoman for L&T declined comment.

Last year, Travelers was believed to be in talks with Indian mortgage firm Housing Development Finance Corp (HDFC.BO) for an insurance venture.

HDFC has since sold a 26 percent stake in its general insurance arm to Munich Re's (MUVGn.DE) ERGO International (ERGG.DE) subsidiary. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)

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