1. Larsen & Toubro to list its L&T Infotech by December 2015

Larsen & Toubro to list its L&T Infotech by December 2015

Larsen & Toubro chairman AM Naik said the company will look at listing other businesses, including its hydrocarbons and transmission and distribution units over the next few years.

By: | New Delhi | Updated: June 23, 2015 4:11 PM
LARSEN-RE-L

L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing organisation in North America and Europe. (Photo: Reuters)

Engineering and construction giant Larsen & Toubro (L&T) will list its IT services unit L&T Infotech by year-end.

The company will list its IT services unit L&T Infotech by December, Chairman AM Naik said in an interview to a television news channel.

The conglomerate will sell 10 per cent stake in the IT services and solutions provider, Naik said.

A wholly-owned subsidiary of company, L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing organisation in North America and Europe.

The clients of the unit include Chevron, Freescale, Hitachi, Sanyo and Lafarge, among others.

The company has been looking to exit non-core business for long.

Naik also said the company will look at listing other businesses, including its hydrocarbons and transmission and distribution units over the next few years.

L&T Hydrocarbon Engineering, also a wholly-owned subsidiary of the company, is dedicated to serving the oil and gas sector around the world and delivers turnkey engineering and construction solutions across the hydrocarbon spectrum — Upstream, Mid and Downstream and Pipelines.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $15 billion in revenue. It operates in over 30 countries worldwide.

The shares of the company were trading at Rs 1761.70, up 1.77 per cent on the BSE at about 1300 hours.

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Tags: Am NaikLandt
  1. H
    Harry Potter
    Sep 3, 2015 at 11:55 am
    To quote Mr Naik "there is no bloody owner at L&T". Its not just Mr Naik L&T is personal fiefdom of a old-men club, it is divided between septuagenarians vertical wise. CEO Mr Vekataramanan responsible for Hydrocarbon business and its heavy losses. Mr Masgapu is responsible for stagnating IT business L&T Infotech and L&T Tech services, Mr Deosthali is CEO of L&T Finance holding, Mr MV Kotwal man in charge of L&T's defence forays. All these gentleman are nearly or above 70.-------------------------------------------------------------------------------At LnT, the top-bres (schizophrenic Egyptian Mummies) have displa geriatric trait of biting more than they can chew and digest. Dear Investors/Analysts - Watch Out! LnT top-bres were on selling spree, leading the pack Chairman Mr Naik sold his LnT shares (Rs 1200 apiece) worth 70 crores in 20 days - March 2014. Post Q1-2014 results LnT plunged by 8 %, biggest intraday decline since July 2009. Hydrocarbon subsidiary suffered losses of 900 crores, sans stake at Dhamra Port (2500 crores) LnT would have posted losses. Modi /Market euphoria saved LnT going below Rs 1300 during q2, a striking closed range of 1200 of March 2014. Part stakes at LnT Inra sold to Canadian FII - (2000 crores), expecting VGF (Viability Gap Funding) of 3000 crores Hyderabad Metro project. Stake or post losses, Deep Sea or devil? Post Q2 results LnT share plummeted from high of 1673 to low of 1450 (17 Dec, 2014). Post Q3 results another big intra-day fall of 7.44 percent. No wonder LnT will plummet to 52 week low of 900 post Q4 results? LnT top bres should not be allowed to sell their LnT stock for at least next 8 quarter. Biggest shareholders at LnT are state owned LIC/UTI. To restore Insutional Integrity at LnT, PM Mr Modi should intervene to fix retirement age at LnT to 60, sooner rather than later, ASAP!.Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi please fix retirement age at LnT to 60. How come retirement age at LnT is whopping 75? Its SCANDALOUS!! --------------------------------------------Like BCCI, LnT is no less cozy club, an Old-Men club enjoying Fire Proof jobs and stratospheric compensation. Expensive CXO Maha Kumbh Mela at LnT - what is the number of CEOs at LnT and all its subsidiaries (138), their CTC? How far higher, this is to manage LnT group revenues of $14 bln than Mr Sikka (aged 46) of Infosys highest paid professional CEO (Rs 30 cr) in India, entrusted with business worth $ 8 bln in revenues. At LnT, just Chairman Mr Naik (aged 72) and group CEO Mr Vankatramanan are pegged at 21 and 14 crores. Information Age leaders, top-man of TATA group, Infosys, Microsoft are in their 40s, why this super 70s at LnT? Chairman Mr Naik's jaw-dropping musings on succession – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts – Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. Mr Naik should learn to walk the talk if he cannot set example he can follow the one set by Mr Murthy, Mr Murthy worked for a token ry of INR 1 during his second stint at Infosys, very company that he founded. How about donating all his earnings stock and barrel here is one example of not working for money - Vyakarnam Anjenaya Sastry, 71, had joined Infosys in 1990, donated half of his holdings to the Infosys Employee Welfare Trust while leaving the company in 1996. If he had held on to the shares, they would have been worth about Rs 1,850 crore (1% of Infosys). Mr Naik please walk the talk! Mr Naik says that in new economy he would have given a line of successors, okay than what Mr Magapu and Mr Deosthali are doing at L&T Finance and L&T Infotech, L&T Tech services, why not a leader in his/her 40s?-----------------------------------------------------Its a Catch-22 situation young insiders are not good enough for the top jobs at LnT and its subsidiaries, outsiders (laterals) cant with stand Despotic Gritocracy the old-men club. Top-men-eater Egyptian Mummies. Infotech ex-CEO Mr Banerji, two previous joint CEOs Mr Chopra and Dr Aghi – QUIT. Mr Ravi Uppal CEO LnT Power (Mr Naik's potential successor)–QUIT. CEO LnT General Insurance Mr Joydeep Roy – QUIT. CEO LnT MF Mr Sanjay Sinha – QUIT. Old-men club is singing this bad chorus and opera a distorted version remix of Brayan Adams songs - 18 till I die and Summer off 69 - oh ya!. The band joined LnT some time in 60s. This public sponsored deafening cacophony and distortion should be stopped. -----------------------------------------------------Biggest shareholders at LnT are state owned LIC/UTI. To restore Insutional Integrity at LnT, PM Mr Modi should intervene to fix retirement age at L&T to 60 !!
    Reply
    1. H
      Harry Potter
      Jun 27, 2015 at 2:26 pm
      To restore Insutional Integrity at LnT, PM Mr Modi should intervene to fix retirement age at LnT to 60, sooner rather than later, ASAP!.Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi please fix retirement age at LnT to 60. How come retirement age at LnT is whopping 75? Its SCANDALOUS!! -----------------------------------------------------------------------------Business Incubation by LnT on Built, Keep (for some time) and Sell Off (to Adani) basis, Dhamra Port complete stake was sold off to Adani Group. It was 'non-core' et for LnT. Recently have announced forays into Mining (another Adani bastion), hopped into solar power bandwagon as well. What exactly at LnT is in category of 'core-ets' apart from construction? It has dabbled into (and got severely bitten) IT, Insurance, Finance, MF, Defence, Metro Rail, Hydrocarbon, Power, Port, Reality, Hospitality - name it – are exploring to bite bullets in Bullet Trains as well. Founded in 1983 Adani Group (45 years younger than LnT) touching $10 billion in revenues, LnT founded in 1938 is proving a laggard, $14 billion in revenues. Where would be Adani group and LnT in next 10 years? Adani Group is all set to overtake LnT and surge ahead both in market cap and revenues. LnT top-bres (schizophrenic Egyptian Mummies) had this neurotic plan of shifting LnT business HQ to Dubai to fend off talent (life style) crunch in India for top talents. From where, Adani Group is getting these talented people? Is it so that Antila (Ambani Abode) would be on wheels soon? What is so extraordinary and inspiring about Mr Naik's overstay by a decade at LnT? Biggest shareholders at LnT are state owned LIC/UTI. To restore Insutional Integrity at LnT, PM Mr Modi should intervene to fix retirement age at LnT to 60, sooner rather than later, ASAP!.-------------------------------LnT is at standstill, similar narrative in IT, LnT Infotech founded as LnT-IT in late 80s, renamed to LnT Infotech in 1997 claiming to touch $1 billion in revenues since 2010 – still not there. Cognizant founded in 1997 is more that $10 billion in revenues. Sans DNA destruction of work culture and mockery of corporate governance at LnT, LnT Infotech could be what TCS is for TATA group companies, a great savior for old-economy TATA companies. LnT Infotech is well proven laggard, in news for failed attempt to bid for Satyam (Satayam is India's biggest accounting fraud, like L&T Satyam also was slapped with a ban by World Bank over forgery)), Patni, Polaris, Hexaware, rumored sell off to Fujitsu. Perennial entry/exit of lateral CXOs, listing gimmicks – it’s in shambles. Please refer ET article - LnT Info to hire joint CEOs by month end; but all decisions funnelled through AM Naik . Year 1999, Mr Naik appointed CEO of LnT group, Infosys headcount in March 2000 nearly 5k, now nearly 1.7 lakhs and LnT Infotech is nearly 20k. What policy paralysis, RBI rates etc Mr Naik (junior engineer turned L&T Chairman, completed 50 years as paid employee with L&T) wants to blame for this most dismal performance in IT space? L&T has failed to cut even 1% of IT business pie of $116 billion in India. L&T Infotech in IT space for more than quarter of a century (25 years) and not even $1 billion in revenues, headcount less than 20k! who is to blame for?------------------------------------------Like BCCI, LnT is no less cozy club, an Old-Men club enjoying Fire Proof jobs and stratospheric compensation. Expensive CXO Maha Kumbh Mela at LnT - what is the number of CEOs at LnT and all its subsidiaries (138), their CTC? How far higher, this is to manage LnT group revenues of $14 bln than Mr Sikka (aged 46) of Infosys highest paid professional CEO (Rs 30 cr) in India, entrusted with business worth $ 8 bln in revenues. At LnT, just Chairman Mr Naik (aged 72) and group CEO Mr Vankatramanan are pegged at 21 and 14 crores. Information Age leaders, top-man of TATA group, Infosys, Microsoft are in their 40s, why this super 70s at LnT? Chairman Mr Naik’s jaw-dropping musings on succession – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts – Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. Mr Naik should learn to walk the talk if he can not set example he can follow the one set by Mr Murthy,Mr Murthy worked for a token ry of INR 1 during his second stint at Infosys, very company that he founded. ------------------------------Biggest shareholders at LnT are state owned LIC/UTI. To restore Insutional Integrity at LnT, PM Mr Modi should intervene to fix retirement age at LnT to 60, sooner rather than later, ASAP!
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