Larsen&Toubro

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Larsen&ToubroLimited
'Larsen&Toubro,alsoknownasL&TisanIndianmulti
nationalconglomerateheadquarteredinMumbai,
Maharashtra,India.[4]ItwasfoundedbyDanishengineers
takingrefugeinIndia,aswellasanIndianfinancing
partner.[5]Thecompanyhasbusinessinterestsin
engineering,construction,manufacturinggoods,information
technology,andfinancialservices,andalsohasanofficein
theMiddleEastandotherpartsofAsia.

It'sallaboutengineering
Tradedas

NSE:LT(http://www.nseindia.com/l
ive_market/dynaContent/live_watch/
get_quote/GetQuote.jsp?symbol=LT)
BSE:500510(http://www.bseindia.c
om/stockshareprice/x/y/500510/)
BSESENSEXConstituent

Industry

Conglomerate

Founded

1938inMumbai,India

Products

Realestate
Construction
Heavyequipment
Electricalequipment
Power
Shipbuilding
Financialservices
ITServices

Revenue

102,631.69crore(US$15billion)

Contents
1 History
2 Operatingdivisions
2.1 L&TRealty
2.2 L&TTechnologyServices
2.3 L&TSolar
2.4 ElectricalandAutomation
2.5 InformationTechnology(IT)
2.6 Machineryandindustrialproducts
2.7 EWACAlloysLimited
3 Majorsubsidiariesandjointventures
4 Corporaterestructuring
5 Listingandshareholding
6 Employees
7 Awardsandrecognition
8 Allegationsofbribery
9 Seealso
10 Gallery
11 References
12 Externallinks

History
PriortoIndianindependence,acompanywasfoundedin
1938Bombay(Mumbai)(BritishIndia)bytwoDanish
engineers,HenningHolckLarsenandSrenKristian
Toubro.ThecompanybeganasarepresentativeofDanish
manufacturersofdairyequipment.However,withthestartof
theSecondWorldWarin1939andtheresultingrestriction
onimports,thepartnersstartedasmallworkshopto
undertakejobsandprovideservicefacilities.[6]

(2016)[1]
Profit

5,537.99crore(US$820million)
(2016)[2]

Totalassets

227,524.72crore(US$34billion)
(2016)[2]

Numberof
employees

84,027(Mar2014)[3]

Divisions

RealEstate(Realty),Technology,
Engineering,Construction,
Manufacturing

Subsidiaries L&TTechnologyServices,L&T
Infotech,L&TMutualFund,L&T
InfrastructureFinanceCompany,
L&TFinanceHoldings,L&T
MHPS
Website

www.larsentoubro.com(http://www.
larsentoubro.com/)

Germany'sinvasionofDenmarkin1940stoppedsuppliesofDanishproducts.[6]Thewartimeneedtorepair
andrefitshipsofferedL&Tanopportunity,andledtotheformationofanewcompany,HildaLtd,tohandle
theseoperations.[6]L&Talsostartedtorepairandfabricateshipssignallingtheexpansionofthecompany.[6]
ThesuddeninternmentofGermanengineersinBritishIndia(duetosuspicionscausedbytheSecondWorld
War),whoweretoputupasodaashplantfortheTata's,gaveL&Tachancetoenterthefieldofinstallation.[6]
In1944,ECCwasincorporatedbythepartnersthecompanyatthistimewasfocusedonconstructionprojects
(Presently,ECCistheconstructiondivisionofL&T).L&Tbeganseveralforeigncollaborations.By1945,the
companyrepresentedBritishmanufacturersofequipmentusedtomanufactureproductssuchashydrogenated
oils,biscuits,soapsandglass.[6]
In1945,thecompanysignedanagreementwithCaterpillarTractorCompany,USA,formarketingearth
movingequipment.Attheendofthewar,largenumbersofwarsurplusCaterpillarequipmentwereavailableat
attractiveprices,butthefinancesrequiredwerebeyondthecapacityofthepartners.Thispromptedthemto
raiseadditionalequitycapital,andon7February1946,Larsen&ToubroPrivateLimitedwasincorporated.[6]
Afterindependence,officesweresetupinKolkata(Calcutta),Chennai(Madras)andNewDelhi.In1948,55
acresofundevelopedmarshandjunglewasacquiredinPowai,Mumbai.Apreviouslyuninhabitableswamp
subsequentlybecamethesiteofitsmainmanufacturinghub.[6]
InDecember1950,L&Tbecameapubliccompanywithapaidupcapitalof20lakhs(2millionrupees)
(2,000,000).Thesalesturnoverinthatyearwas1.09crore(10.9millionrupees).[6]In1956,amajorpartof
thecompany'sMumbaiofficemovedtoICIHouseinBallardEstate,Mumbaiwhichwouldlaterbepurchased
bythecompanyandrenamedasL&THouse,itspresentcorporateoffice.[6]
Duringthe1960sventuresincludedUTMAL(setupin1960),AudcoIndiaLimited(1961),EutecticWelding
Alloys(1962)andTENGL(1963).[6]

Operatingdivisions
L&ThasformedajointventurewithSapuraCrestPetroleumBerhad,Malaysiaforprovidingservicestothe
offshoreconstructionindustry.[7]ThejointventurewillownandoperatetheLTS3000,acranevesselforheavy
liftingandpipelaying.
L&TPowerhassetupanorganisationfocusedoncoalbased,gasbasedandnuclearpowerprojects.[8]L&T
hasformedtwojointventureswithMitsubishiHeavyIndustries,Japantomanufacturesupercriticalboilersand
steamturbinegenerators.[9]
L&Tisamongthelargestfivefabricationcompaniesintheworld.[10]L&Thasashipyardcapableof
constructingvesselsofupto150metrelonganddisplacementof20,000tons[11]atitsheavyengineering
complexatHazira,Gujarat.Theshipyardconstructsspecialisedheavyliftships,CNGcarriers,chemical
tankers,defence&paramilitaryvessels,submarinesandotherrolespecificvessels.
ThedesignwingofL&TECCisEDRC(EngineeringDesignandResearchCentre),whichprovides
consultancy,designandservices.Itcarriesoutbasicanddetaileddesignforbothresidentialandcommercial
projects.

L&TRealty

LnTRealtyistherealestatedevelopmentarmofLarsen&Toubro.[12][13]ThecompanyoperatesinWestern
andSouthernIndia,constructingresidential,corporateoffice,retail,leisureandentertainmentpropertieswith
35millionsqftundervariousstagesofdevelopment.[14]

L&TTechnologyServices
L&TTechnologyServices,asubsidiaryofLarsen&Toubro,isanengineeringservicescompanythatoperates
intheglobalEngineering,ResearchandDevelopment(ER&D)space.L&TTechnologyServicesoffers
design,developmentandtestingservicesfortheindustrialproducts,medicaldevices,transportation,aerospace,
telecomandprocessindustries.Thecompanyservescustomersacrosstheproductengineeringlifecyclefrom
productconceptualizationtoimplementation.Servicesincludeconsulting,design,development,testing,
maintenanceandtomarketintegrationservices.L&TTechnologyhitstheIndianCapitalMaretswithitsIPO
offering10.4millionshareatapricebandofRs.850toRs.860[15]

L&TSolar
L&TConstruction,asubsidiaryofLarsen&Toubro,undertakessolarenergyprojects.InApril2012,L&T
commissionedIndia'slargestsolarphotovoltaicpowerplant(40MWp)ownedbyReliancePoweratJaisalmer,
Rajasthanfromconcepttocommissioningin129days.[16]In2011,L&TenteredintoapartnershipwithSharp
forEPC(engineering,procurementandconstruction)inmegawattsolarprojectandplantoconstructabout100
MWinthenext12monthsinmostofthemetros.[17]L&TInfraFinance,promotedbytheparentL&TLtd,is
alsoactiveinthefundingofsolarprojectsinIndia.[18][19]

ElectricalandAutomation
L&Tisaninternationalmanufacturerofelectricalandelectronicproductsandsystems.Thecompanyalso
manufacturescustomengineeredswitchboardsforindustrialsectorslikepower,refineries,petrochemicalsand
cement.[20]Intheelectronicsegment,L&Toffersarangeofmetresandprovidescontrolandautomation
systemsforindustries.
MedicalEquipment.[21]

InformationTechnology(IT)
Larsen&ToubroInfotechLimited,awhollyownedsubsidiaryofL&T,offersinformationtechnology,software
andserviceswithafocusonmanufacturing,BFSIandcommunicationsandembeddedsystems.Italsoprovides
servicesforembeddedintelligenceandengineering.

Machineryandindustrialproducts
L&Tmanufactures,marketsandprovidesservicesupportforconstructionandminingmachinery,including
surfaceminers,hydraulicexcavators,aggregatecrushers,loaderbackhoesandvibratorycompactorssupplies
rubberprocessingmachineryandmanufacturesandmarketsindustrialvalvesandalliedproductsalongwith
applicationengineeredweldingalloys.

EWACAlloysLimited
EWACAlloysLimitedisawhollyownedsubsidiaryofLarsen&Toubro,India.Thecompanyisengagedin
design&development,manufactureandsupplyofspecialweldingelectrodes,gasbrazingrodsandfluxes,
weldingtorchesandaccessories,atomisedmetalpowderalloys,fluxcoredcontinuouswires&wirefeeders,
polymercompounds&wearresistantplates.

ProfWasserman,founderofEutecticCastolin,andHenningHockLarsen,founderofLarsen&Toubro,
foundedtheEutecticDivisioninIndiaintheyear1962.EutecticCastolinwaslatermergedintotheMesser
Groupofcompanies,GermanyandreferredasMesserEutecticCastolin(MEC).In2010,Larsen&Toubro
Limited,boughttheentirestakefromMessertobecomethewhollyownedsubsidiaryofit.Thecurrent
headquartersisinAnkleshwar,Gujarat(India),andtheproductsaresoldunderthenameEWAC.

Majorsubsidiariesandjointventures
L&Thasover130subsidiariesand15associatecompanies.[22]
L&TKobelcoMachineryPrivateLimited:thisisajointventureofL&TandKobeSteelofJapan,to
manufactureinternalmixersandtwinscrewrollerheadextruder'sforthetyreindustry.Thecompanyhas
afactoryatKaraiVillage,Kanchipuram,thatmanufacturesinternalmixersandtwinscrewrollerhead
extruder'sforthetyreindustry,whichcommencedcommercialoperationson1December2012.
L&TConstructionEquipmentLimited:havingitsregisteredofficeatMumbai,Indiaandfocusingon
constructionequipmentandminingequipment,L&TKomatsuLimited[23]wasajointventureofLarsen
andToubro,andKomatsuAsiaPacificPteLimited,Singapore,awhollyownedsubsidiaryofKomatsu
Limited,Japan.Komatsuistheworldssecondlargestmanufacturerofhydraulicexcavatorsandhas
manufacturingandmarketingfacilities.[24]Theplantwasstartedin1975byL&Ttomanufacture
hydraulicexcavatorsforthefirsttimeinIndia.In1998,itbecameajointventure.TheBengaluruworks
comprisesmachineryandhydraulicsworks,withamanufacturingfacilityfordesign,manufactureand
servicingofearthmovingequipment.Thehydraulicsworkshasaprecisionmachineshop,manufacturing
highpressurehydrauliccomponentsandsystems,anddesigning,developing,manufacturingand
servicinghydraulicpumps,motors,cylinders,turningjoints,hoseassemblies,valveblocks,hydraulic
systemsandpowerdrivesaswellasalliedgearboxes.InApril2013,L&Tboughtthe50%stakeheldby
KomatsuAsia&Pacific.Thecompany'snamewaschangedtoL&TConstructionEquipment
Limited.[25][26]
L&TFinance:Larsen&ToubrofinancialservicesFinancialServicesisasubsidiarywhichwas
incorporatedasanonbankingfinancialcompanyinNovember1994.[27]Thesubsidiaryhasfinancial
productsandservicesforcorporate,constructionequipmentsetc.Thisbecameadivisionin2011afterthe
companydeclareditsrestructuring[28]ApartnershipbetweenL&TFinanceandSonalikaGroupfarm
equipmentmakerInternationalTractorsLtdinApril2014providedcreditandfinancingtocustomersof
SonalikaGroupinIndia.[29]
L&TMutualFundisthemutualfundcompanyoftheL&Tgroup.Itsaverageassetsundermanagement
(AUM)forthequarterJul2013toSeptember2013was1,580crore.[30]
Larsen&ToubroInfrastructureFinance:thiswhollyownedsubsidiarycommencedbusinessinJanuary
2007uponobtainingNonBankingFinancialCompany(NBFC)licencefromtheReserveBankofIndia
(RBI).Asof31March2008,L&TInfrastructureFinancehadapprovedfinancingofmorethanUS$1
billiontoselectprojectsintheinfrastructuresector.Itreceivedthestatusof"InfrastructureFinance
Company"fromtheRBIwithintheoverallclassificationof"NonBankingFinancialCompany".
L&TTechnologyServices,asubsidiaryofLarsen&Toubro,isaglobalengineeringservicescompany
headquarteredoutofVadodara,Gujarat,India.Itoffersdesign,developmentandtestingsolutionsacross
theproductandplantengineeringvaluechain,forvariousdomainsincludingIndustrialProducts,
Transportation,Aerospace,Telecom&Hitech,andtheProcessIndustries.Asof2016,L&TTechnology
Servicesemploysover10,000workers,across12globaldeliverycentresandhasoperationsin35
locationsaroundtheworld.ItsclienteleincludesalargenumberofFortune500companiesglobally.
L&TValvesbusinessgroupmarketsvalvesmanufacturedbyL&T'sValveManufacturingUnitand
L&T'sjointventures,AudcoIndiaLimited,IndiaandLarsen&ToubroValvesManufacturingUnit,
Coimbatoreaswellasalliedproductsothermanufacturers.Thegroup'smanufacturingunitin
Coimbatoremanufacturesindustrialvalvesforthepowerindustry,alongwithflowcontrolvalvesforthe
oilandgas,refining,petrochemical,chemicalandpowerindustries,industrialvalvesandcustomised
productsforrefinery,LNG,GTL,petrochemicalandpowerprojects.L&TValvesBusinessGrouphas
officesintheUSA,SouthAfrica,Dubai,AbuDhabi,IndiaandChina,andallianceswithvalve
distributorsandagentsinthesecountries.

L&TMHPSBoilersisajointventurebetweenL&TandMitsubishiHitachiPowerSystems.Thegroup
specialisesinengineering,manufacturing,erectingandcommissioningofsupercriticalsteamgenerators
usedinpowerplants.ItismainlyheadquarteredinFaridabadwithamanufacturingfacilityinHaziraand
anengineeringcentreinChennaiandFaridabad.CurrentlythegroupisengagedinprojectsforJVPL,
MAHAGENCO,NabhaPower&RRVUNL.
L&TMHPSTurbineGeneratorsPvtLtd:in2007,Larsen&ToubroandMitsubishiHeavyIndustriesset
upajointventuremanufacturingagreementtosupplyasupercriticalsteamturbineandgeneratorfacility
inHazira.Thisfollowedatechnologylicensingandtechnicalassistanceagreementformanufactureof
supercriticalturbinesandgeneratorsbetweenL&T,MHI,andMitsubishiElectricCorporation(MELCO),
headquarteredinTokyo,Japan.InFebruary2014,MHIandHitachiLtdintegratedthebusinesscentred
onthermalpowergenerationsystems(gasturbines,steamturbines,coalgasificationgenerating
equipment,boilers,thermalpowercontrolsystems,generators,fuelcells,environmentalequipmentand
soon)andstartedanewcompanyasMitsubishiHitachiPowerSystems(MHPS)Ltd,headquarteredin
Yokohama,Japan.
L&THowdenPvtLtdisajointventurebetweenL&TandHowdentomanufactureaxialfansandairpre
heatersintherangeof1201200MWtothermalpowerstations.L&THowdenisanISO9001andISO
5001certifiedorganisation,withaplantlocatedinSuratHaziraandamarketingofficeinFaridabad.
L&TSpecialSteelsandHeavyForgingsPvtLtd.isajointventurebetweenL&TandNPCIL,
headquarteredatHazira.ItisthelargestintegratedsteelplantandheavyforgingunitinIndia,capableof
producingforgingsweighing120MTeach.LTSSHFcurrentlyisengagedinprojectsfromthenuclear,
hydrocarbon,powerandoilandgassectors.[31]
L&TGeneralInsurance
In2015,thecompanybegandevelopingcommercial,retailandofficespacearoundtheHyderabadMetro
Railproject.[32][33][34][35][36][37]

Corporaterestructuring
InJanuary2011,itsChairmanAMNaikannouncedthatthecompanywouldberestructuredintonine
independentvirtualcompanies.[38]withaCEO,CFOandHRhead,itsownprofitandlossaccount,andboard
withatleastthreeindependentdirectors.Eachboarddoesnothaveanylegalorstatutorystanding,[39]but
merelyadvisesmanagement.
Theoriginalninevirtualcompanieswhichoperatedindifferentsegments,[40]weresubsequentlyincreasedto
12,forwhichthecompaniesformedare:[41]BuildingandFactories,Transportation&Infrastructure,
Metallurgical&MaterialHandling,PowerTransmissionandDistribution,HydrocarbonandChemicals,Water,
SmartWorld&Communication,GeoStructure,Power,Infotech,Finance,HeavyCivilEngineering,and
EngineeringServices.HydrocarbonandChemicalslaterbecamearealcompany,withindependentstandings
andstocks.

Listingandshareholding
TheequitysharesofthecompanyarelistedontheBombayStockExchange(BSE)andtheNationalStock
ExchangeofIndia(NSE).ThecompanyssharesconstituteapartofBSE30IndexoftheBSELimitedaswell
asNIFTYIndexoftheNSE.[3]Itsglobaldepositoryreceipts(GDR)arelistedontheLuxembourgStock
ExchangeandLondonStockExchange.[3]Ason31March2013,Financialinstitutionsheldaround30.5%
equitysharesinL&T.Over8.5lakhindividualshareholdersholdapprox24%ofitsshares.[3][42]Foreign
InstitutionalInvestorsheldapprox16.6%shares.Othersheldapprox29%oftheshares.LifeInsurance
CorporationofIndiaisthelargestshareholderinthecompanywith16.45%shareholding.

Shareholders(ason31March2013) Shareholding[3][42]
FinancialInstitutions

30.54%

GeneralPublic

24.05%

ForeignInstitutionalInvestors(FII)

16.58%

L&TEmployeesWelfareFoundation 12.09%
BodiesCorporate

07.17%

MutualFunds

05.56%

GDRs

03.58%

Directors&Relatives

00.43%

Total

100.0%

Employees
Ason31March2013,thecompany(excludingitssubsidiaries)had54,062permanentemployees,outofwhich
2,635werewomen(4.87%)and74wereemployeeswithdisabilities(0.14%).DuringtheFY201213,the
companyincurred4,436croreforemployeebenefit,includingsalaries.[3]Asperthenewsarticlein
November2016,ithadaround109,000employeesaftermassfiringof14,000acrossallsectors.[43]

Awardsandrecognition
In1997,theBengaluruWorksdivisionwasawardedthe"Bestofall"RajivGandhiNationalQuality
Award[44]
In2014Larsen&Toubroranked500onForbeslistof2000worldslargestandmostpowerfulpublic
companiesbasedonrevenues,profits,assetsandmarketvalue.54Indiancompaniesmadeittothe
prestigiouslist,andL&Tisthehighestrankedcompanyintheengineeringandconstructionsectionand
10thamongallIndianpublicandprivatesectors.[45]
AccordingtotheBrandTrustReport2012publishedbyTrustResearchAdvisory,abrandanalytic's
company,L&Twaspositioned47thamongIndia'smosttrustedbrands.[46]Subsequently,inBrandTrust
Report2013,L&Twasranked127thamongthemosttrustedbrandsinIndiawhileaccordingtothe
BrandTrustReport2014,L&Twaselevatedtothe38thpositionamongIndia'smosttrusted
brands.[47][48]
In2013,L&TPowerreceived'GoldenPeacockNationalQualityAward2012'atthe23rdWorld
Congresson'Leadership&QualityofGovernance'.[49][50]
In2012,ForbesrankedL&Tas9thmostinnovativecompanyintheworld.[51][52]L&Twasalsofeatured
intheForbesAsia'sannual'Fabulous50'listin2010,forthefifthtimeinarow.[53]
In2012,L&Twasranked4thbyNewsweekinthegloballistofgreencompaniesintheindustrial
sector.[54]
In2013theHarvardBusinessReviewnamedL&T'sExecutiveChairman,AMNaik,asthe32ndBest
PerformingCEOintheworld.[55][56]

Allegationsofbribery
In2016TheHuffingtonPostandTheAgereportedthatLarsen&Toubrowasinvolvedintheallegedbribery
scandalcenteredaroundUnaoil.Accordingtothesereports,leakedemailsfromUnaoilshowthatasenior
executiveatLarsen&ToubrowasawarethatthecompanyhadcontractedUnaoiltobribeaseniorofficialat
AbuDhabiMarineOperatingCompanyforthepurposeofwinningcontractsworth$400million.By2011

Larsen&Toubrohadwoncontractsworth$500millionfromAbuDhabiMarineOperatingCompany.[57]The
VicePresidentofLarsen&ToubrohasconfirmedthatUnaoilwascontractedtodosomeconsultancywork,but
deniesthatanypaymentwasmadetoUnaoil.[58]

Seealso
L&TRealty
Larsen&ToubroInfotech
L&TTechnologyServices
L&TMutualFund
ListofcompaniesofIndia
Heavyequipment
Listofoilfieldservicecompanies

Gallery
ConstructionProjectsbyL&T

LotusTemple[59]

ATCTower
Mumbai
Airport

NewDelhiAirport

NewDelhiAirport

Emerald
Isle[12]

ICICIBankBuilding

CyberTowers,
Hyderabad

WankhedeStadium

RaintreeBoulevardProject
[60][61]

PowaiLakefromEmeraldIsle[62][63]

KempegowdaAirport

StatueofUnity[64]

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contract685371

Externallinks
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Categories: BSESENSEX CNXNifty Larsen&Toubro CompaniesbasedinMumbai

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