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L&T calls off merger talks with Future Generali Insurance

A man waits at a bus-stop with an advertisement of Larsen & Toubro outside the company's manufacturing unit in Mumbai January 22, 2014. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - 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 percent stake in the joint venture, with Generali holding 26 percent and the rest with Future Group. (Reporting by Aradhana Aravindan; Editing by Sumeet Chatterjee)