L&T plans first of three listings in 2009-10; to invest Rs2,500 crore

30 May 2008

Engineering and construction major Larsen & Toubro Ltd will go ahead with the first of the three proposed initial public offers of its group companies in 2009-10, its chairman and managing director A M Naik said.

''It's most likely that the first of the three to get listed will be our information technology arm,'' he said, adding the listing will depend on market conditions, and that there would be an IPO every year for the other two companies.

L&T also unveiled plans to invest to the tune of Rs2,500 crore for beefing up capacities at its growth centres during the current fiscal.

The investments, to be made across all locations, will also go towards setting up a ship building yard in Tamil Nadu, Naik said.

L&T's joint ventures with Mitsubishi Heavy Industries for the manufacture of super critical boilers and turbine generators, involving investments of around Rs1,000 crore each, would be operational within the next 12 to 18 months, he said.     

L&T holds 51 per cent in the JV, Mitsubishi controls the remaining 49 per cent. The company, he said, was also looking for acquisitions.