Larsen & Toubro

Larsen & Toubro Limited, also known as L&T, is

an Indian multinational conglomerate headquartered in
Mumbai, Maharashtra, India.[3] It was founded by Danish engineers taking refuge in India, as well as an Indian
nancing partner.[4] The company has business interests
in engineering, construction, manufacturing goods, information technology, and nancial services, and also has an
oce in the Middle East and other parts of Asia.[5]

equity capital, and on 7 February 1946, Larsen & Toubro

Private Limited was incorporated.[9]

1.1 Post-independence

Oces were set up in Kolkata (Calcutta), Chennai

(Madras) and New Delhi. In 1948, fty-ve acres of
undeveloped marsh and jungle was acquired in Powai,
L&T is Indias largest engineering and construction
Mumbai. That uninhabitable swamp subsequently becompany.[6][7] Considered to be the "bellwether of Indias
came the site of its main manufacturing hub.[9]
engineering & construction sector,[7] L&T was recognized as the Company of the Year in Economic Times In December 1950, L&T became a public company with
a paid-up capital of Rs. 20 lakhs (2 million rupees)
2010 awards.[8]
(2,000,000). The sales turnover in that year was Rs. 1.09
crore (10.9 million rupees).[9] In 1956, a major part of the
companys Mumbai oce moved to ICI House in Ballard
1 History
Estate, Mumbai; which would later be purchased by the
company and renamed as L&T House, its present corpoA company was founded in Bombay (Mumbai) in 1938 rate oce.[9]
by two Danish engineers, Henning Holck-Larsen and
Soren Kristian Toubro. The company began as a repre- The sixties witnessed the formation of many new vensentative of Danish manufacturers of dairy equipment. tures: UTMAL (set up in 1960), Audco India Limited
However, with the start of the Second World War in (1961), Eutectic Welding Alloys (1962) and TENGL
[9]
1939 and the resulting restriction on imports, the partners (1963).
started a small workshop to undertake jobs and provide
service facilities.[9]

2 Operating divisions

Germanys invasion of Denmark in 1940 stopped supplies

of Danish products.[9] The war-time need to repair and
ret ships oered L&T an opportunity, and led to the
formation of a new company, Hilda Ltd., to handle these
operations.[9] L&T also started to repair and fabrication
shops signalling the expansion of the company.[9]

L&T has delivered Engineering, Procurement and Construction (EPC) services for many projects in the upstream hydrocarbon sector over the last two decades,
in India, Middle East, Africa, South-East Asia and
[10]
The sudden internment of German engineers in British Australia.
India (due to suspicions caused by the War), who were to L&T has formed a joint venture with SapuraCrest
put up a soda ash plant for the Tatas, gave L&T a chance Petroleum Berhad, Malaysia for providing services to oto enter the eld of installation.[9]
shore construction industry worldwide.[11] The joint venIn 1944, ECC was incorporated by the partners; the com- ture will own and operate the LTS 3000, a Heavy Lift
pany at this time was focused on construction projects cum Pipelay Vessel.
(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.[9]

L&T Power has set up an organization focused on coalbased, gas-based and nuclear power projects.[12] L&T
has formed two joint ventures with Mitsubishi Heavy Industries, Japan to manufacture super critical boilers and
steam turbine generators.[13]

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 warsurplus Caterpillar equipment were available at attractive
prices, but the nances required were beyond the capacity
of the partners. This prompted them to raise additional

L&T is among the top ve fabrication companies in

the world.[14] L&T has a shipyard capable of constructing vessels of up to 150 meters long and displacement
of 20,000 tons[15] 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
1

3 MAJOR SUBSIDIARIES AND JOINT VENTURES

Vessels, CNG carriers, Chemical tankers, defense & para application-engineered welding alloys.
military vessels, submarines and other role specic vessels.
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.

2.1

L&T Solar

L&T Construction a subsidiary of the Larsen & Toubro

conglomerate also undertakes solar projects. In April 12,
L&T commissioned Indias largest solar photo voltaicbased power plant (40 MWp) owned by Reliance Power
at Jaisalmer, Rajasthan from concept to commissioning
in 129 days.[16] In 2011, L&T entered into a partnership
with Sharp for EPC (engineering, procurement and construction) in megawatt solar project and plan to construct
about 100 MW in the next 12 months in most of the
metros.[17] L&T Infra Finance, promoted by the parent
L&T Ltd, is also active in the funding of solar projects in
India.[18][19]

2.5 EWAC Alloys Limited

EWAC Alloys Limited is a wholly owned subsidiary of

Larsen & Toubro, India. The Company is engaged in
design & development, manufacture and supply of special welding electrodes, gas brazing rods and uxes, welding torches and accessories, atomised metal powder alloys, ux cored continuous wires & wire feeders, polymer
compounds & wear resistant plates.
Prof. Wasserman, Founder of Eutectic Castolin, and Mr.
Henning Hock Larsen, Founder of Larsen & Toubro, laid
the foundation of Eutectic Division in India in the year
1962. Recently Eutectic Castolin merged into Messer
Group of Companies, Germany and referred as Messer
Eutectic Castolin (MEC).

3 Major subsidiaries and joint ventures

L&T has over 130 subsidiaries and 15 associate
companies.[22]

2.2

Electrical and automation

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, reneries, petrochemicals and
cement.[20] In the electronic segment, L&T oers a range
of meters and provides control and automation systems
for industries. Medical Equipment.[21]

L&T Kobelco Machinery Private Limited

This is a joint venture of L&T and Kobe Steel of Japan, to
manufacture internal mixers and twin screw roller-head
extruders for the tyre industry.The Company has set up
a factory at Karai Village, Kanchipuram to manufacture
Internal Mixers and Twin Screw Roller head Extruders
for the tyre industry and commenced its commercial operations in December 1, 2012.

L&T Komatsu Limited

Having its registered oce at Mumbai, India and focusing on construction equipment and mining equipment,
2.3 Information technology
L&T-Komatsu Limited[23] is a joint venture of Larsen
and Toubro, and Komatsu Asia Pacic Pte Limited, SinMain article: Larsen & Toubro Infotech
gapore, a wholly owned subsidiary of Komatsu Limited,
Japan. Komatsu is the worlds second largest manufacL&T Infotech focuses on information technology and
turer of hydraulic excavators and has manufacturing and
software services. Larsen & Toubro Infotech Limited,
marketing facilities.[24]
a 100 per cent subsidiary of the L&T, oers software
and services with a focus on Manufacturing, BFSI and The plant was started in the year 1975 by L&T to manCommunications and Embedded Systems. It also pro- ufacture Hydraulic Excavators for the rst time in India.
vides services in the embedded intelligence and engineer- In 1998, it became a joint venture. L&TKomatsu Limiteds manufacturing facilityThe Bangalore Works
ing space.
comprises Machinery Works and Hydraulics Works. Machinery Works has a manufacturing facility for design,
2.4 Machinery and industrial products
manufacture and servicing of earthmoving equipment.
Hydraulics Works, with a precision machine shop, manL&T manufactures, markets and provides service support ufactures the complete range of high pressure hydraulic
for construction and mining machinery, surface miners, components and systems, and design, development, manhydraulic excavators, aggregate crushers, loader back- ufacturing and servicing of hydraulic pumps, motors,
hoes and vibratory compactors; supplies a wide range cylinders, turning joints, hose assemblies, valve blocks,
of rubber processing surya; and manufactures and mar- hydraulic systems and power drives as well as allied gear
kets industrial valves and allied products and a range of boxes.In April 2013, L&T bought the 50% stake held

3
by Komatsu Asia & Pacic. The companys name was Industrial automation and metering, Medical and more.
changed to L&T Construction Equipment Limited.[25] L&T Valves
[26]
L&Ts Valves Business Group markets valves manufacL&T Finance
tured by L&Ts Valve Manufacturing Unit and L&Ts
Larsen & Toubro nancial services Financial Services is joint ventures, Audco India Limited, India and Larsen &
a subsidiary which was incorporated as a Non Banking Toubro Valves Manufacturing Unit, Coimbatore as well
Finance company in November 1994.[27]
as allied products from major international manufacturThe subsidiary has nancial products and services for cor- ers.
porate, construction equipments etc. This is a new divi- The companys valve manufacturing Unit in Coimbatore
sion after the company declared its restructuring[28]
manufactures industrial valves specically for the Power
A partnership between L&T Finance and Sonalika Group Industry. It also sells value-added ow control solutions
farm equipment maker International Tractors Ltd, was to oil and gas, rening, petrochemical, chemical and
announced in April 2014. The partnership would pro- power industries, industrial valves and customized prodvide credit and nancing benets to customers of Son- ucts for major Renery, LNG, GTL, Petrochemical and
Power projects.
alika Group throughout India.[29]
L & T Mutual Fund is the mutual fund company of
the L&T group. This company provides mutual fund
schemes for investors in India. The average Assets Under Management (AUM) of L&T Mutual Fund for the
quarter Jul-13 to Sep-13 was INR 15.8 billion.[30]
Larsen & Toubro Infrastructure Finance
Main article: Larsen and Toubro Infrastructure Finance
Company Limited

L&T Valves Business Group has oces in the USA,

South Africa, Dubai, Abu Dhabi, India and China, and
alliances with valve distributors and agents in these countries.
L&T MHPS Boiler
LMB is the joint venture between L&T and Mitsubishi
Hitachi Power Systems. The group specializes in Engineering, Manufacturing, Erecting & Commissioning
of Super Critical Boilers used in Mega and Ultra Mega
power plants. It is mainly headquartered in Faridabad
with Manufacturing facility in Hazira and an Engineering
Centre in Chennai & Faridabad. Currently the group is
engaged in projects for JVPL, MAHAGENCO, NABHA
Power & RRVUNL.

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 NonBanking Financial Company (NBFC) license from the L&T Special Steels and Heavy Forgings Pvt. Ltd.
Reserve Bank of India (RBI).
LTSSHF is a joint venture between L&T and NPCIL.
As of 31 March 2008, L&T Infrastructure Finance has Headquartered at Hazia, LTSSHF is recognized as Indias
approved nancing of more than a billion USD to select largest integrated steel plant and heavy forging unit. With
state-of-the art facilities, LTSSHF is capable of producprojects in the infrastructure sector.
ing forgings weighing 120MT each. LTSSHF currently is
L&T Infrastructure Finance has received the status of engaged in projects from Nuclear, Hydrocarbon, Power
Infrastructure Finance Company from the Reserve and Oil & Gas sectors.[31]
Bank of India within the overall classication of NonL&T General Insurance
Banking Financial Company.
L&T (TS)
L&T Technology Services (previously known as Integrated Engineering Services or L&T IES), a business unit
of L&T, oers a combination of mechanical, electrical
and electronic design (mechatronics/embedded systems),
civil and architectural services. L&T TS has its design
and delivery locations in Vadodara, Chennai, Bangalore,
Mysore and Mumbai in India.

4 Corporate re-structuring

In January 2011, its Chairman A.M. Naik announced

that the company will be restructured into nine virtual
companies.[32] Each will be called an independent company, and will have a CEO, CFO and HR head, its own
prot and loss account, and a board of directors with at
L&T TS services also encompass architectural, civil, least three independent directors. Each board will not
structural design and building utility systems design. have any legal or statutory standing,[33] but will merely
Practices include both product and plant engineering ser- advise management.
vices in the automotive, trucks and o-highway vehicles,
The nine virtual companies will operate in dierent
industrial .
segments,[34] The nine sectors for which companies are
Mysore based campus of Electronic design unit of TS formed are:[35]
works predominantly for Embedded systems with a variety of range of operations from Avionics, Automotive,
1. Building and Factories

9
2. Transportation & Infrastructure
3. Metallurgical & Material Handling
4. Power Transmission and Distribution
5. Hydrocarbon and Chemicals
6. Geo-Structure
7. Power
8. Infotech
9. Finance

10. Heavy Engineering

Recently Hydrocarbon and chemicals has become a real
company with its independent standings and stocks.

Listing and shareholding

The equity shares of the company are listed on the

Bombay Stock Exchange (BSE) and the National Stock
Exchange of India (NSE). The companys shares constitute a part of BSE 30 Index of the BSE Limited as well
as NIFTY Index of the NSE.[2]
Its Global depository receipts (GDR) are listed on the
Luxembourg Stock Exchange and London Stock Exchange.[2]
Shareholding: As on 31 March 2013, Financial Institutions held around 30.5% equity shares in L&T. Over
850,000 individual shareholders hold approx. 24% of its
shares.[2][36] Foreign Institutional Investors held approx.
16.6% shares. Others held approx. 29% of the shares.
Life Insurance Corporation of India is the largest shareholder in the company with 16.45% shareholding.

Employees

As on 31 March 2013, the company (excluding its subsidiaries) had 54062 permanent employees, out of which
2,635 were women (4.87%) and 74 were employees with
disabilities (0.14%). During the FY 2012-13, the company incurred INR 44.36 billion for employee benet, including salaries.[2]
The Harvard Business Review in its JanuaryFebruary
2013 edition named L&Ts Executive Chairman, A.M.
Naik, as the 32nd Best Performing CEO in the
world.[37][38]

REFERENCES

In 2014 Larsen & Toubro ranked 500 on Forbes

list of 2000 worlds largest and most powerful public companies based on revenues, prots, assets and
market value.54 Indian companies made it to the
prestigious list,and L&T is the highest ranked company in the engineering and construction section and
10th among all Indian public and private sectors.[40]
According to the Brand Trust Report 2012 published by Trust Research Advisory, a brand analytics company, L&T was positioned 47th among Indias most trusted brands.[41] Subsequently, in Brand
Trust Report 2013, L&T was ranked 127th among
the most trusted brands in India while according to
the Brand Trust Report 2014, L&T was elevated
to the 38th position among Indias most trusted
brands.[42][43]
In 2013, L&T Power received 'Golden Peacock
National Quality Award 2012' at the 23rd
World Congress on 'Leadership & Quality of
Governance'.[44][45]
In 2012, Forbes ranked L&T as 9th most innovative
company in the world.[5][46] L&T was also featured
in the Forbes Asias annual 'Fabulous 50' list in 2010,
for the fth time in a row.[47]
In 2012, L&T was ranked 4th by Newsweek in
the global list of green companies in the industrial
sector.[48]

8 See also
Larsen & Toubro Infotech
L & T Mutual Fund
List of companies of India
Heavy equipment
branches of L&T

9 References
[1] L&T - Revenue and Financial Reports. Hoovers. Retrieved 3 December 2013.
[2] Annual Report 2012-13. L&T. Retrieved 3 December
2013.
[3] Larsen & Toubro Ltd 171109.pdf

Awards and recognition

In 1997, the Bangalore Works division was awarded
the Best of all Rajiv Gandhi National Quality
Award[39]

[4] Shah, Shashank (2014-02-18). Stakeholders Management in the Indian Construction Industry: Insights into the
Approach at Larsen & Toubros Construction Division.
Journal of Values Based Leadership 7 (1). Retrieved 11
June 2014.

[5] Larsen & Toubro on the Forbes Global 2000 List.

Forbes. 7 September 2012. Retrieved 3 December 2013.
[6] Indias L&T looking overseas to beat local slowdown.
Reuters. 21 November 2011. Retrieved 3 December
2013.
[7] L&T shares jump after Q2 beat, brokerages turn bullish.
NDTV.com. 21 October 2013. Retrieved 8 December
2013.
[8] L&T wins The Economic Times 'Company of the Year
Award - 2010'". L&T. 10 January 2011. Retrieved 3 December 2013.
[9] Evolution of L&T. L&T. Retrieved 8 December 2013.
[10] Larsen & Toubro Hydrocarbon Upstream. Retrieved
21 June 2012.
[11] "(OIF), Joint Venture company formed by Larsen &
Toubro Ltd. (L&T), India and SapuraCrest Petroleum
Berhad, Malaysia. Oshore International FZC. Retrieved 16 July 2010.
[12] Larsen & Toubro (L & T)". India Environment Portal.
Retrieved 16 July 2010.
[13] MHI Receives Order for 3 Supercritical-Pressure
Boiler/Steam Turbine Sets | Asia > South Asia from.
AllBusiness.com. 11 May 2010. Retrieved 16 July 2010.

[26] L&T to buy out Komatsu subsidiary in joint venture.

Economic Times. 13 April 2013. Retrieved 13 April
2013.
[27] Overview. Larsen&Toubro. Retrieved 10 August 2011.
[28] L&T to restructure biz into 9 verticals. business Standard. 24 January 2011. Retrieved 10 August 2011.
[29] International Tractors Ltd signs pact with L&T Finance
for vehicle loans. The Economic Times of India. Retrieved 22 April 2014.
[30] Average AUM. Association of Mutual Funds in India.
Retrieved 8 December 2013.
[31] http://www.npcil.nic.in/pdf/press_lnt_jv.pdf
[32] Larsen & Toubro re-structuring. Dalal Stree. Retrieved
8 October 2011.
[33] Restructuring module splits Larsen&Toubro. livemint.
Retrieved 8 October 2011.
[34] L&T to split into 9 independent entities. Economic
Times. 5 January 2011. Retrieved 3 December 2013.
[35] Restructuring Larsen&Toubro. Livemint. 24 January
2011. Retrieved 3 December 2013.
[36] Shareholding Pattern. BSEIndia.com. Retrieved 3 December 2013.

[14] No.1 Construction Companies in World. No.1 Construction. Retrieved 10 August 2011.

[37] Eight Indians in HBRs 100 best CEO list. The Hindu.
24 December 2012. Retrieved 3 December 2013.

[15] Larsen & Toubro.Its All About Engineering!". Tej Web

World. 28 February 2010. Retrieved 16 July 2010.

[38] Mr. A.M. Naik Ranked 32nd Best Performing CEO In

The World. L&T. 24 December 2012. Retrieved 3 December 2013.

[16] L&T commissions Indias largest solar power plant. Retrieved 7 February 2013.
[17] L&T partners with Sharp to provide turnkey Solar EPCtargets 100MW in 12 months and turnover of Rs 13 billion. Retrieved 7 February 2013.
[18] L&T Infra bets on solar power. Retrieved 7 February
2013.
[19] L&T Infra raises $ 100 mn through ECB to fund solar
projects. Retrieved 7 February 2013.
[20] Powered by Intergage www.intergage.co.uk. Larsen &
Toubro Limited (L&T)". Rina.org.uk. Retrieved 16 July
2010.
[21] L&T nally decides to retain its Mysore-based Medical
Equip Biz | TopNews. Topnews.in. Retrieved 7 February
2013.
[22] Subsidiaries and associates. L&T. Retrieved 3 December 2013.

[39] SHRAWAN (2013-05-29). ANNEX IV: LIST OF

AWARD WINNERS OF RAJIV GANDHI NATIONAL
QUALITY AWARDS. http://www.bis.org.in''. New
Delhi: Bureau of Indian Standards. Retrieved 2014-0515.
[40] Larsen & Toubro. Forbes.
[41] Indias Most Trusted Brands 2012.
[42] Indias Most Trusted Brands 2013.
[43] Indias Most Trusted Brands 2014.
[44] National Quality Award (GPNQA)". goldenpeacockawards.com. 13 February 2013. Retrieved 3 December
2013.
[45] L&T Power Wins 'Golden Peacock National Quality
Award'". L&T. 13 February 2013. Retrieved 3 December
2013.

[23] L&T Komatsu Ltd. Komatsu Limited. Retrieved 10

August 2011.

[46] Five Indian rms among worlds most innovative. Hindustan Times. 7 September 2012. Retrieved 3 December
2013.

[24] Komatsu Limited. Wikipedia. Retrieved 10 August

2011.

[47] Asias Fab 50 Companies: Larsen & Toubro. Forbes.

15 September 2010. Retrieved 3 December 2013.

[25] Change name. Larsen&Toubro. Retrieved 10 June

2013.

[48] Indias 20 most respected companies. Redi.com. 11

September 2013. Retrieved 4 December 2013.

10

10

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