Engineering giant Larsen & Toubro Ltd (L&T) is likely to take over Healthquarters India Pvt Ltd from Paramount Health group, said sources close to the developments.

This could be L&T’s first step towards entering the general insurance business, the sources said, adding that the deal has been almost finalised and a formal declaration from both the companies is awaited.

L&T officials, however, declined to comment on the developments. In a mail to Moneylife, a spokesperson of the company said,”L&T does not comment on any market speculation.”

Earlier in August 2009, a section of the media had reported on L&T’s plans to enter the general insurance business. “We plan to enter the general insurance business and the company will be promoted by L&T,” said YM Deosthalee, chief financial officer, L&T, in a report published by the Indian Express.

Mumbai-based Healthquarters India is a wellness and medical management organisation that helps end-users to achieve a healthier life and facilitates in minimising expenses and difficulties arising due to illness and hospitalisation.

The ‘Permanent Health Record’ services provided by Healthquarters enables an individual to access his or her own health records from anywhere in the world.

— Amritha Pillay