Mumbai: India’s largest engineering and construction company Larsen and Toubro Ltd’s (L&T) non-life insurance arm L&T General Insurance Co. Ltd on Monday called off a joint venture proposal with Future Generali Insurance.

In a filing to BSE, L&T said “the parties have now decided mutually to call off the discussion around the proposed joint venture."

On 26 March 2013, L&T had said its general insurance subsidiary was in talks with Future Generali Insurance for forming a joint venture that would combine and continue the business of general insurance in India.

L&T General Insurance and Future Generali Insurance had entered into a non-binding agreement to jointly examine the terms of a potential transaction.

L&T General Insurance, which began business operations in 2010-11 and operates 17 branches across India, earned gross written premium of Rs253 crore in the financial year ended 31 March, a 39% growth over the previous fiscal year as against an industry growth of 12%. The premium included around Rs207 crore from property and casualty insurance and Rs46 crore from health insurance.