Larsen & Toubro

Larsen & Toubro Limited (NSE: LT, BSE: 500510), or L&T, is an Indian multinational conglomerate corporation headquartered inMumbai, Maharashtra, India.[2] The company has business interests in engineering, construction, manufacturing, information technology and financial services.

L&T is India’s largest engineering and construction company,[3] with a dominant presence in India’s infrastructure, power, hydrocarbon, machinery and railway related projects. In recent years, L&T has expanded its global presence and international projects contributed 9% of its overall order book for the 2010–11 period.[4][5]

Considered to be the “bellwether of India’s engineering sector”, L&T was recognized as the Company of the Year in 2010.[6] L&T has featured four times in Forbes Fab 50 list of the best public companies in the Asia-Pacific region.[7] The company ranked #14 in the 2011Fortune India 500 list of the largest Indian companies by total revenues.[8]

Larsen & Toubro Limited
L&T-logo.svg
Type Public
Traded as NSE: LT
BSE: 500510
BSE SENSEX Constituent
Industry Conglomerate
Founded Mumbai, India (1938)
Founder(s) Henning Holck-Larsen
Søren Kristian Toubro
Headquarters Mumbai, Maharashtra, India
Area served Worldwide
Key people A. M. Naik (Executive Chairman)
K. Venkataramanan (CEO & MD)
Products Construction
Heavy equipment
Electrical equipment
Power
Shipbuilding
Financial services
IT Services
Revenue increase INR  520.89 billion (US$10.39 billion)(2011)[1]
Operating income increase INR  64.38 billion (US$1.28 billion)(2011)
Net income increase INR44.56 billion (US$888.97 million)(2011)
Total assets increase INR  634.16 billion (US$12.65 billion)(2011)
Employees 45,117 (2011)
Divisions Technology, engineering, construction, manufacturing
Subsidiaries L&T Infotech, L & T Mutual Fund,L&T Infrastructure Finance Company, L&T Finance Holdings,L&T IES
Website www.larsentoubro.com

History

The company was founded in Mumbai in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro. The company began as a representative of Danish manufacturers of dairy equipment. However, with the start of the Second World War in 1939 and the resulting restriction on imports, the partners started a small workshop to undertake jobs and provide service facilities. Germany’s invasion of Denmark in 1940 stopped supplies of Danish products. The war-time need to repair and refit ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd., to handle these operations. L&T also started two repair and fabrication shops signalling the expansion of the company. The sudden internment of German engineers in India (due to suspicions caused by the War), who were to put up a soda ash plant for the Tatas, gave L&T a chance to enter the field of installation. In 1944, ECC was incorporated by the partners; the company at this time was focused on construction projects (Presently, ECC is the construction division of L&T). L&T decided to build a portfolio of foreign collaborations. By 1945, the company represented British manufacturers of equipment used to manufacture products such as hydrogenated oils, biscuits, soaps and glass. In 1945, the company signed an agreement with Caterpillar Tractor Company, USA, for marketing earth moving equipment. At the end of the war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the finances required were beyond the capacity of the partners. This prompted them to raise additional equity capital, and on 7 February 1946, Larsen & Toubro Private Limited was born.

Post Independence

Independence and the subsequent demand for technology and expertise offered L&T the opportunity to consolidate and expand. Offices were set up in Kolkata (Calcutta), Chennai (Madras) and New Delhi. In 1948, fifty-five acres of undeveloped marsh and jungle was acquired in Powai, Mumbai. That uninhabitable swamp is presently its main manufacturing hub.

In December 1950, L&T became a public company with a paid-up capital of INR2 million. The sales turnover in that year was INR10.9 million. Notable orders executed by the Company during this period included the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant. With the successful completion of these jobs, L&T emerged as the largest erection contractor in the country.[clarification needed]

In 1956, a major part of the company’s Mumbai office moved to ICI House in Ballard Estate, Mumbai; which would later be purchased by the company and renamed as L&T House, its present Corporate Office. The sixties were also a decade of rapid growth for the company, and witnessed the formation of many new ventures: UTMAL (set up in 1960), Audco India Limited (1961), Eutectic Welding Alloys (1962) and TENGL (1963).

In 1976, Holck-Larsen was awarded the Magsaysay Award for International Understanding in recognition of his contribution to India’s industrial development. He retired as Chairman in 1978.[9]

Operating Divisions

Engineering and Construction Projects

L&T’s engineering and construction track record consists of implementation of turnkey projects in major core and infrastructure sectors of the Indian industry.[10]

L&T has formed a joint venture with SapuraCrest Petroleum Berhad, Malaysia for providing services to offshore construction industry worldwide.[11] The joint venture will own and operate the LTS 3000, a Heavy Lift cum Pipelay Vessel. L&T has more than 38000 employees in India.

L&T Power

L&T has set up an organization focused on opportunities in coal-based, gas-based and nuclear power projects.[12] This business provides turnkey solutions for setting up utility power plants as well as co-generation and captive power plants on an EPC basis. It also provides power plant engineering services through L&T Sargent & Lundy, a joint venture of L&T and Sargent & Lundy, USA. L&T has formed two joint ventures with Mitsubishi Heavy Industries, Japan to manufacture super critical boilers and steam turbine generators.[13] In 2008–09, significant progress was made in setting up manufacturing facilities for super critical boilers and turbines at Hazira, on India’s west coast. L&T has also signed a technical collaboration with Clyde Bergemann for electrostatic precipitators, a crucial BOP item in coal based thermal power plants.

L&T Power offers turnkey solutions for large i.e. up to 1000 MW coal-based power plant projects based on supercritical standards and also offers the same capability in gas-based power plants.[14] Similarly, the firm has the capability of executing balance of plant packages for both subcritical and supercritical thermal projects on an EPC basis.[15]

Heavy engineering

L&T is claimed to be among the top five fabrication companies in the world.[16] The Heavy engineering division manufactures and supplies custom designed and engineered critical equipment and systems to the needs of core-sector industries and the defence sector. It is the preferred supplier of equipment for a select range of products, globally.[17]

L&T has a shipyard capable of constructing vessels of up to 150 meters long and displacement of 20,000 tons[18] at its heavy engineering complex at Hazira. The shipyard is geared up to take up construction of niche vessels such as specialized Heavy lift Cargo Vessels, CNG carriers, Chemical tankers, defense & para military vessels and other role specific vessels.

Construction of specialized mid size vessels is being undertaken and capacity is being augmented by additional infrastructure such as ship lift system and additional outfitting workshops to extend the activities to ship repairs.

The focus will be on construction of commercial vessels, warships for the navy and the coast guard.[19]

Construction

ECC – Engineering, Construction & Contracts Division of L&T – is the major contributor of L&T’s share market.[20] Currently, it is also listed as India’s largest construction organization.[21] L&T covers varied disciplines of construction—civil, mechanical, electrical and instrumentation.

The design wing of L&T ECC is called EDRC (Engineering Design and Research Centre). EDRC provides consultancy, design and total engineering solutions to customers. It carries out basic and detailed design for both residential and commercial projects.

L&T has expanded its focus to the Middle East, South East Asia, Russia, CIS, Mauritius, African and SAARC countries. It also has keen interest in the markets of Indian Ocean rim countries, Africa and Latin America.[22]

Electrical and electronics

L&T is an international manufacturer of a wide range of electrical and electronic products and systems. L&T also manufactures custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.[23] In the electronic segment, L&T offers a range of meters and provides control and automation systems for industries. Medical Equipment.[24]

Information technology

Main article: Larsen & Toubro Infotech

L&T Infotech focuses on information technology and software services. Its clients include industry leaders like Marsh & McLennan, Standard Life, Travelers, Chevron, Freescale, Hitachi,Ingram Micro, Infineon, Sanyo, Lafarge, ABSA[disambiguation needed ], P&G, Johnson and Johnson, CitiGroup, Barclays, eCORPUS, Marathon, Texas Instruments, Qualcomm, LG andSamsung among others.It offers services and solutions for the following industries: banking and financial services, insurance, energy and petrochemicals, manufacturing.

Larsen & Toubro Infotech Limited, a 100 per cent subsidiary of the L&T, offers software and services with a focus on Manufacturing, BFSI and Communications and Embedded Systems. It also provides services in the embedded intelligence and e Engineering space.

L&T Machinery & Industrial Products

L&T manufactures, markets and provides service support for critical construction and mining machinery – surface miners, hydraulic excavators, aggregate crushers, loader backhoes and vibratory compactors; supplies a wide range of rubber processing machinery and injection moulding machines; and manufactures and markets industrial valves and allied products and a range of sophisticated application-engineered welding alloys.

This division provides solutions to :

  1. Construction & Mining Equipment
  2. Material Handling
  3. Crushing Systems & Equipment
  4. Hydraulic Equipment
  5. Valves
  6. Rubber Processing Machinery
  7. Plastics Processing Machinery
  8. Paper Machinery
  9. Welding Products
  10. Castings
  11. Wind-mill Components
  12. Cutting Tools

Subsidiaries & Joint Ventures

L&T – Komatsu Limited

Having its registered office at Mumbai, India and focusing on construction equipment and mining equipment, L&T-Komatsu Limited[25] is a joint venture of Larsen and Toubro, India’s leading engineering, construction and technology major and Komatsu Asia Pacific Pte Limited, Singapore, a wholly owned subsidiary of Komatsu Limited, Japan. Komatsu is the world’s second largest manufacturer of hydraulic excavators and has manufacturing and marketing facilities worldwide.[26]

The plant was started in the year 1975 by L&T to manufacture Hydraulic Excavators for the first time in India. In 1998, it became a joint venture. L&T–Komatsu Limited’s manufacturing facility—The Bangalore Works—comprises Machinery Works and Hydraulics Works. Machinery Works has a modern manufacturing facility with ISO 9001:2008 accreditation for design, manufacture and servicing of earthmoving equipment. Hydraulics Works, with a precision machine shop, manufactures the complete range of high pressure hydraulic components and systems, and is ISO 9001:2000 certified for design, development, manufacturing and servicing of hydraulic pumps, motors, cylinders, turning joints, hose assemblies, valve blocks, hydraulic systems and power drives as well as allied gear boxes.

L&T Finance

Larsen & Toubro financial services Financial Services is a subsidiary which was incorporated as a Non Banking Finance company in November 1994.[27]

The subsidiary has a spectrum of financial products and services for corporate, construction equipments etc. L&T Finance was able to withstand the market dynamics and adapt as per that. This is a new division after the company declared its restructuring[28]

L & T Mutual Fund is the mutual fund company of the L&T group. This company provides Mutual Fund schemes for investors in India.

Larsen & Toubro Infrastructure Finance

Main article: Larsen and Toubro Infrastructure Finance Company Limited

Larsen and Toubro Infrastructure Finance Company Limited was set up as a 100% subsidiary of L&T. It commenced its business in January 2007 upon obtaining Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

As of 31 March 2008, L&T Infrastructure Finance has approved financing of more than a billion USD to select projects in the infrastructure sector.

L&T Infrastructure Finance has received the status of “Infrastructure Finance Company” from the Reserve Bank of India within the overall classification of “Non-Banking Financial Company”.

L&T–Integrated Engineering Services (IES)

L&T Integrated Engineering Services (L&T IES), a business unit of L&T, offers a combination of mechanical, electrical and electronic design (mechatronics/embedded systems), civil and architectural services. L&T IES has its design and delivery locations in Vadodara, Chennai, Bangalore, Mysore and Mumbai in India.

L&T IES services also encompass architectural, civil, structural design and building utility systems design. Practices include both product and plant engineering services in the automotive, trucks and off-highway vehicles, industrial products, off-shore and marine, oil and gas and consumer goods sectors. Emerging areas include aerospace, railways and power and consumer electronics.

L&T Valves

L&T’s Valves Business Group markets valves manufactured by L&T’s Valve Manufacturing Unit and L&T’s joint ventures, Audco India Limited, India and Larsen & Toubro (Jiangsu) Valve Company Limited, China, as well as allied products from major international manufacturers.

L&T’s Valve Manufacturing Unit in Coimbatore manufactures industrial valves specifically for the Power Industry.

L&T sells value-added flow control solutions to oil and gas, refining, petrochemical, chemical and power industries.

L&T is a leading global supplier of industrial valves and customized solutions for major Refinery, LNG, GTL, Petrochemical and Power projects.

L&T Valves Business Group has offices in the USA, Dubai, Abu Dhabi, India and China, and strategic alliances with leading integrated valve distributors and agents in the major markets.

L&T Institute of Technology

Main article: L&T Institute of Technology

L&T Institute of Technology (LTIT) is a diploma polytechnic college in India. It is located in Powai, a suburb of Mumbai. It is run & managed by Larsen & Toubro, Affiliated to MSBTE and Approved by AICTE and offer courses leading to undergraduate (Bachelor) degrees in Engineering.

The Institute has its own building with over 5000 sq. mts. built up area. It accommodates a complete mechanical workshop, drawing hall, audio-visual room, library, administrative wing, laboratories, classrooms and also a playground…

Joint ventures

  • L&T Kobelco Machinery Private Limited - It is a Joint Venture between L&T and Kobe Steel of Japan for the manufacturing of Internal mixers and twin screw rollerhead extruders for the tyre and rubber industry. This JV will strengthen and widen the portfolio of L&T’s Rubber Processing Machinery business.[29]
  • L&T and CASSIDIAN- It is the 74:26 Joint Venture between L&T and Cassidian, new name of EADS Defence & Security aiming at manufacturing, design, engineering, distribution and marketing in the fields od electronic warfare, radars, avionics and mobile systems (like Bridges) for military application . This JV is based in Talegaon, near Pune and in Bengaluru.[30]
  • L&T T&D SA Pty Ltd.- A joint venture (JV) with Befula Investments Pty Ltd, (trading as Rossi Engineering with office in Durban) in South Africa,[31] to capitalise on the power transmission and distribution opportunities in South Africa.
  • L&T Special steels & Heavy Forging Pvt. Ltd.- A joint venture (JV) with Nuclear Power Corporation of India Limited (NPCIL), for establishment of super heavy forging nuclear equipment manufacturing facility at Surat-Hazira.
  • Larsen & Toubro Heavy Engineering LLC, Sohar, Oman - A joint venture (JV) with Zubair Corporation, Oman, it is a heavy engineering fabrication facility.
  • L&T-SapuraCrest JV - A JV with SapuraCrest Petroleum Berhad, Malaysia for providing services to offshore construction industry worldwide. The joint venture will own and operate the [LTS 3000 http://www.lntsapuracrest.com], a Heavy Lift cum Pipelay Vessel.
  • L&T-Valdel Engineering Limited - A JV started with Bangalore-based Valdel Engineers & Constructors Pvt. Ltd. It offers upstream engineering services to the oil and gas sector. The entity formerly known as John Brown Engineering was established in the year 1991 at Bangalore as a Joint Venture between John Brown Engineers & Constructors, UK, Global Leader in providing Engineering Services for Oil & Gas Industry and MSR Group its Indian Promoter for providing Integrated & Quality Engineering Services to meet the growing needs of Oil & Gas Sector in India. Subsequently in the year 1996 Kvaerner ASA, Norway acquired assets of John Brown. Later in the year 1999 MSR Group acquired entire stake. L&T made the decision to acquire equities in Valdel in tune with its vision of business focus in Hydrocarbon Sector.
  • L&T-Chiyoda Limited - A JV with Chiyoda Corporation of Japan, it offers international-grade engineering services to the hydrocarbon processing industries that include refineries, petrochemicals, oil and gas processing, LPG and LNG terminals, fertilisers, chemicals, etc.
  • L&T-Sargent & Lundy Limited - A JV with Sargent & Lundy (USA), it offers a range of engineering and design services for the power sector.
  • HPL Cogeneration Limited - Provides power to Haldia Petrochemicals Limited.
  • L&T International FZE - A wholly owned subsidiary of L&T, incorporated in 2001 at The Hamriyah Free Zone, Sharjah, United Arab Emirates. It is the investment arm of L&T for all international joint ventures and provides resources for international projects.
  • Larsen & Toubro (Oman) LLC - A JV between L&T International FZE and The Muscat Trading Co. LLC. This ISO 9001 company offers products and services in the construction field, with specialization in turnkey projects.
  • Larsen & Toubro Electromech LLC (formerly Zubair Kilpatrick LLC) - A JV company of Larsen & Toubro International FZE and The Zubair Corporation in the Sultanate of Oman. LTEM is engaged in construction and service sector through four business units, namely: MEP works (Building Services), Electrical and Instrumentation works for Oil and Gas sector, Maintenance and Construction works in E&I sector and Facility Management for large assets.
  • L&T and Eastern Contracting LLC Joint Venture - Building a residential property (295 ‘grandeur’ villas of Ground + 1 configuration, conforming to 11 different types of Mediterranean, Spanish and European styles of architecture) in Dubai Sports City for Victory Heights Golf Residential and Development LLC.
  • Larsen & Toubro Readymix Concrete Industries LLC - A JV between L&T International FZE and Mr.Shukri Saleh Yahya Al Braik, a UAE National. Incorporated in 2006, the plant in Dubai offers all grades of concrete including specialized concrete such as HPC, SCC and colored concrete.
  • Larsen & Toubro Saudi Arabia LLC - A JV between L&T International FZE and Engineer Khaled Hizam Al-Nabet, a Saudi National. It offers turnkey solutions in specialized fields of oil and gas, petrochemicals, fertilizers and chemicals, infrastructure, buildings, factories, power transmission and distribution and telecommunication projects.
  • Larsen & Toubro Qatar LLC - A JV between L&T International FZE and AL Jazeera International Trading WLL. It offers turnkey solutions in specialized fields of buildings and factories, roads, bridges, airports, transmission lines, industrial electrification, petroleum and petrochemical projects, fertilizer plants, pipelines, water, sewerage and drainage system.
  • Larsen & Toubro Kuwait Construction WLL - A new venture of L&T and Kuwait-based Bader Al Mulla group focusing on construction projects in oil and gas, power and infrastructure, with primary focus on electro-mechanical construction.
  • L&T-ECC Construction (M) SND. BHD - A company incorporated in Malaysia by L&T with three Malaysians, Syed Mohsen Alhabshi, Datuk M Rajasingam and Sivajothi Rajendram, to undertake engineering and construction for all types of industrial and infrastructure projects in Malaysia.
  • L&T-RAMBOLL Consulting Engineers Limited - A JV of L&T and Ramboll A/S of Denmark that offers international quality design, project engineering and consultancy services for infrastructure projects.
  • Voith Paper Technology (India) Limited - A JV between Voith Paper GmbH & Co. KG, Germany and L&T. It offers a range of solutions for fiber systems, paper and board industry.
  • NAC Infrastructure Equipment Limited - Accepts deposits and rents out high-value, multipurpose, specialized and general purpose infrastructure equipment with value-added services.[32]
  • L&T-HCC JV Jharkhand Road Project - A JV of L&T and HCC for constructing an 80 km four-lane concrete road with rigid pavement in Jharkhand, India.
  • L&T-KBL JV - A JV of L&T and Kirloskar Brothers Limited, for executing Engineer-Procure-Construct (EPC) lift irrigation project, which involves lifting 7.80 TMC water from Goddamvaripalli village to Goddumarri Anicut in the Cuddapah district of Andhra Pradesh, India.
  • HCC-L&T Purulia JV - A JV of L&T and HCC, for implementing the Purulia Pumped Storage Project with an installed capacity of 900 MW (4×225 MW each) for West Bengal State Electricity Board (WBSEB) and NHPC.
  • L&T-AM JV - A JV between L&T and Alpine Mayeder Bau GmbH, Austria is constructing a 11.3 km long, 5.6m finished diameter, concrete lined Head Race Tunnel for NTPC’s 4×130 MW Tapovan Vishnugad hydropower project in Uttaranchal.
  • PATEL-L&T Consortium - A consortium of L&T and Patel Engineering Limited is constructing Diversion cum Spillway Tunnels (43 m High, 186 m Long), Spillway, Intake Structures and part of Head Race Tunnel (7.25 m dia horseshoe shaped, 5.9 km long) for NHPC’s 4 x 130 MW Parbati Hydro Electric Project – Stage III at Himachal Pradesh.
  • International Seaports Dredging Limited (ISDL) - A JV between Dredging International N.V, Belgium and L&T, formed to exploit dredging market in all SAARC countries, Myanmar, Thailand and Indonesia. It is presently executing maintenance and capital dredging works in India with major jobs in Dhamra Port, Orissa and Gangavaram Port, Andhra Pradesh.
  • Metro Tunneling Group (MTG) - A JV of DYWIDAG International, (Germany), L&T (India), IRCON International Ltd. (India), Samsung Engineering & Construction (South Korea) and Shimizu Corporation (Japan). It is constructing an underground metro rail corridor in Delhi for the Delhi Metro Rail Corporation (DMRC). It is currently executing a 3.10 km tunnel project by cut and cover method, using tunnel boring machines (Package BC – 18).
  • L&T Infrastructure Development Projects Limited - A subsidiary company of L&T, implements various infrastructure projects through Public-Private Partnerships (PPP). It executes projects on Build-Operate-Transfer (BOT), Build-Own-Operate-Transfer (BOOT), Build-Own-Lease-and-Transfer (BOLT), Build-Own-Operate-Share-and-Transfer (BOOST) basis and other variants including the annuity approach. A number of developmental projects are executed by L&T under various sectors on EPC basis through special purpose vehicles (SPVs) promoted by a consortium of private and public players.
  • L&T Transportation Infrastructure Limited - It was formed to design and construct Tamil Nadu’s first private BOT road project – the 28 km Coimbatore bypass and a two-lane bridge across river Noyyal at Athupalam.
  • L&T Western Andhra Tollways Limited (L&T WATL) - Executing the project for four-laning the road from Jadcherla to Kothakota section of NH-7 in Andhra Pradesh, on BOT basis.
  • L&T Vadodara Bharuch Tollway Limited (L&T VBTL) - It has been formed for the development of the six-laning of NH-8 from Vadodara to Bharuch in Gujarat on BOT basis.
  • L&T Inter State Road Corridor Limited (L&T IRCL) - It is executing the four-laning of the 76 km highway between Palanpur and Swaroopgunj on the East West Corridor (NH-14), on BOT (annuity) basis.
  • Narmada Infrastructure Construction Enterprise Limited (NICE) - An SPV formed for design, construction, maintenance and operation of the 1.4 km second Narmada bridge, including 4.6 km of approach roads, on BOT basis on NH-8 at Zadeshwar, Gujarat.
  • L&T Western India Tollbridge Limited (L&TWIT) - An SPV, for constructing the 335m two-lane bridge across river Watrak on NH8 at Kheda, Ahmedabad-Vadodara section of NH8, on BOT basis, including 9.2 km of approach roads and strengthening of 10 km of the existing road.
  • Second Vivekananda Bridge Tollway Company Limited (SVBTC) - An SPV formed to finance, design, build, operate and maintain the 6.1 km six-lane bridge across the Hooghly River on NH-2 near Kolkata on BOT basis.
  • L&T Panipat Elevated Corridor Limited - An SPV formed to construct 3.4 km six-lane elevated flyover on NH 1 in Haryana.
  • L&T Uttaranchal Hydro Power Limited - An SPV, is formed for the implementation of the Singoli Bhatwari Hydro-Electric Project, a run-of-the-river scheme on river Mandakini inRudraprayag district of Uttarakhand, on BOOT basis.
  • International Seaports (Haldia) Pvt. Limited. (ISPHL) - An SPV, formed to execute the project for the construction and operation of Berth No 4A in Haldia Dock Complex, on BOOT basis.
  • Kakinada Seaports limited (KSPL) - An SPV formed to operate the existing facilities on a 610m long terminal and for developing an additional berth at Kakinada Deep Water Port in Andhra Pradesh.
  • The Dhamra Port Company Limited (DPCL) - An SPV formed for developing and operating the port of Dhamra in the state of Orissa.
  • L&T Urban Infrastructure Limited - L&T-UIL is a subsidiary company of L&T IDPL, formed to develop and promote residential and commercial complexes in all the leading cities and metros.
  • Bangalore International Airport Limited (BIAL) - A JV of Karnataka State Industrial & Investment Development Corporation (KSIIDC), Airports Authority of India (AAI), Siemens, L&T and Unique (Zurich Airport) of Switzerland, to develop an airport at Devanahalli, Bangalore on BOOT basis.
  • L&T Infocity Limited (LTIL) - A JV of L&T and Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) for developing HITEC City (Hyderabad Information Technology Engineering Consultancy City). LTIL also operates and maintains all services in HITEC City and provides engineering and design consultancy, marketing and O&M consultancy.
  • L&T Infocity Lanka Private Limited (LTILPL) - An SPV has conceptualised and rendered project management services and promoted the IT facility for HSBC in Colombo.
  • L&T Infocity Infrastructure Limited (L&T IIL) - A subsidiary of LTIL and has developed an IT Park in Salt Lake, Kolkata.
  • Vizag IT Park Limited (VIPL) - It has developed an IT Park project for HSBC Electronic Data Processing India Private Limited (HDPI) at Siripuram, Visakhapatnam.
  • L&T Tech Park Limited - A subsidiary of L&T IDPL, formed to promote an IT Park in Kakkanad, Kochi, Kerala.
  • L&T Phoenix Infoparks Limited - A subsidiary of L&T-UIL, is developing HITEC City II at Gachibowli and Intellicity at Nanakramguda in Hyderabad.
  • Cyber Park Development & Construction Limited - An SPV with Software Technology Parks of India (STPI), has developed a “Cyber Park” in Electronics City, Bangalore.
  • L&T Arun Excello Realty Private Limited - A JV with Arun Excello, formed to promote an integrated township “Estancia” on GST Road, Chennai.
  • L&T South City Projects Limited - A JV between L&T, Dinesh Ranka Associates and Pragnya Trustee and Investment Management Company, to develop an integrated township atSiruseri on the Old Mahabalipuram Road, Chennai and off Bannerghatta Road, Bangalore.
  • L&T Vision Ventures Limited - An SPV promoted along with Vizag Urban Development Authority, to develop a township in Vizag on a 55-acre (220,000 m2) land (2.5 mi sft., 250 villas and 900 apartments, club house and a school).
  • CSJ Infrastructure Private Limited - An SPV of L&T-UIL promoted to develop an integrated commercial complex in Chandigarh. It will come up on a 20.16 acres (97607.76 sq. yd) land parcel in the Industrial Area Phase-I of Chandigarh. This Integrated Commercial Complex will have a Shopping Mall of 11.15 lakh sq.ft, an upscale hotel of 250 rooms and a high-end office space of 3.75 lakh sq. ft.
  • L&T Crossroads Limited - A JV between L&T and Piramal Holdings Limited, has developed a covered car parking spaces (seven levels) and air-conditioned commercial area inNariman Point, Mumbai.
  • Hyderabad International Trade Expositions Limited (HITEX) - Promoted by L&T Infocity Limited (LTIL), National Academy of Construction (NAC), Hyderabad Urban Development Authority (HUDA), Andhra Pradesh Tourism Development Corporation (APTDC) and Municipal Corporation of Hyderabad (MCH). This trade exposition centre has been developed for trade fairs and exhibitions.
  • Andhra Pradesh Expositions Private Limited - Organises exhibitions/trade fairs and events at the exposition centre in collaboration with national, international event management companies.

Awards and accolades

  • The Economic Times named Mr. A.M. Naik “Business Leader of the Year” for 2008.[33]
  • L&T is among the top 100 Most Trusted brands of India as published in The Brand Trust Report.
  • Mr. A.M. Naik was also awarded the Padma Bhushan by the President of India in 2009.[34]
  • L&T Won Best Innovation in Logistics-Transportation award on 20 May 2011 from India International Logistics Forum[35]
  • L&T Won The Financial Express-EVI Green Business Leadership Award for 2010-11. The award was received from Dr.A.P.J. Abdul Kalam[36]

Restructuring

In January 2011, Mr. A.M Naik announced that the company will be restructured into nine virtual companies.[37] Each will be called an independent company, and will have a CEO, CFO and HR head, its own profit and loss account, and a board of directors with at least three independent directors. Each board will not have any legal or statutory standing,[38] but will merely advise management.This is similar in organization to the Mitsubishi Group with which L&T has close partnerships.

The nine virtual companies will operate in different segments,[39] The nine sectors for which companies are formed are:[40]

  1. Building and materials
  2. Civil Infrastructure
  3. Mechanical-Metal Handling and Supply of Equipment for steel industry
  4. Electric Power transmission and distribution
  5. Hydrocarbon and Chemicals
  6. Heavy Engineering Catering to defense and Aerospace
  7. Electrical Equipment and Automation Products
  8. Mechanical and Industrial Products
  9. Power Equipment and building Power Plants

Source: http://en.wikipedia.org/wiki/Larsen_%26_Toubro

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