Typically, the IC board will have a Chairman (from the

board of L&T), three representatives of the business

from within, three non-executive directors and one
representative (as non-executive director) from the
L&T board. The nine verticals include power,
hydrocarbons, mechanical and products, switchgear,
heavy engineering, infrastructure, building, minerals
and metals and electrical. L&T's subsidiaries include
L&T Infotech, L&T Financial Services, L&T IDPL, L&T
Power Development and and subsidiary for L&T's
Hyderabad Metro project.
All the 9 ICs will look after their business and L&T,
having made the investment into the business, will
take on the role of an investor and will be the hybrid
holding company.
Speaking on the impact of the reorganisation, Mr.
Nayak said, The performance of the company will
improve due to focus, empowerment, transparency,
stronger leadership and improved competitiveness of
each business. It will also create a stronger leadership
pipeline and enhance stakeholder value.'' While none
of the nine ICs is yet legal entity, financial reporting
will be based on the existing Indian GAAP and IFRS. It

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mpanies/lt-divides-businesses-intonine-verticals/article1121669.ece

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