Munich re's Ergo in talks with India' L&T on insurance venture - report |
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Published
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Tue, 08 May 2007 07:51
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MUMBAI (Thomson Financial) - Munich Re's primary insurance arm Ergo Versicherungsgruppe AG has approached India's Larsen & Toubro with a view to setting up a life and non-life insurance joint venture, India's business daily The Economic Times reported.'Ergo is one of the companies that has approached us. There is a lot of interest in the Indian insurance market and many foreign companies are in search of business houses with which they can partner,' the engineering major's chief financial officer YM Deosthalee said.Ergo had earlier announced its intent to establish a presence in India, following the 110 pct growth in the country's life insurance mart in the fiscal year ended March. The company has set up a representative office in the country's financial hub Mumbai and was earlier in talks with Bank of Baroda, but lost out to British rival Legal and General.TFN.newsdesk@thomson.comran/aku/slmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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