L&T to list three subsidiary companies in three years
27 Aug 2010
Larsen and Toubro Ltd (L&T) will list three subsidiary companies in the next three years, starting with L&T Finance which will be listed later this year, according to a report.
According to the report the company is looking at IT (L&T Infotech) early next and infrastructure development (L&T Infrastructure Development Projects Ltd) the year later.
The report says the company aims to unlock shareholder value with the listing of the subsidiaries.
The construction and engineering major is expected to finalise bankers for the L&T Finance initial public offering (IPO) by September-October the report states.
"We will unlock shareholders' value in our major subsidiaries like L&T Finance, L&T Infotech and L&T Infrastructure, one after another. By the end of this calendar year we may be able to launch an initial public offering of L&T Finance, which already is the third largest non-banking finance company in the country," L&T chairman and managing director Anil M Naik told reporters on here the sidelines of the company's 65th annual general meeting.
The conglomerate has also drawn up plans to foray into the banking sector with its finance arm and is awaiting policy clarity from the regulator.