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{{Short description|Indian multinational conglomerate company}} | {{Short description|Indian multinational conglomerate company}} | ||
{{Use Indian English|date=January | {{promotional|date=August 2023}} | ||
{{Use dmy dates|date=September | {{Use Indian English|date=January 2017}} | ||
{{Use dmy dates|date=September 2020}} | |||
{{Infobox company | {{Infobox company | ||
| name = Larsen & Toubro Limited | | name = Larsen & Toubro Limited | ||
| logo = Larsen&Toubro logo.svg | | logo = Larsen&Toubro logo.svg | ||
| logo_size = | | logo_size = 130px | ||
| image = L&T | | image = L&T Construction Head office chennai.jpg | ||
| image_caption = | | image_caption = L&T office in [[Manapakkam]], [[Chennai]] with core sector divisions | ||
| type = [[Public | | type = [[Public company|Public]] | ||
| traded_as = {{ubl|{{ | | traded_as = {{ubl|{{BSE|500510}}|{{NSE|LT}}|[[BSE SENSEX]] constituent|[[NIFTY 50|NSE NIFTY 50]] constituent}} | ||
| ISIN = {{ISIN|sl=n|pl=y|INE018A01030}} | | ISIN = {{ISIN|sl=n|pl=y|INE018A01030}} | ||
| industry = [[Conglomerate (company)|Conglomerate]] | | industry = [[Conglomerate (company)|Conglomerate]] | ||
| founded = {{Start date and age| 7 February 1946}}<ref>{{cite web|title=incorporated on 07th February, 1946|url=https://indiankanoon.org/doc/162206794/|website=www.larsentoubro.com|access-date=11 February 2022 | | founded = {{Start date and age| 7 February 1946}}<ref>{{cite web|title=incorporated on 07th February, 1946|url=https://indiankanoon.org/doc/162206794/|website=www.larsentoubro.com|access-date=11 February 2022}}</ref><br /> [[Bombay]], [[Bombay Presidency]], [[British India]]<br />{{small|(present-day [[Mumbai]], [[Maharashtra]], [[India]])}} | ||
| founders = {{Unbulleted list | | founders = {{Unbulleted list | ||
|[[Henning Holck-Larsen]]|[[Søren Kristian Toubro]]}} | |[[Henning Holck-Larsen]]|[[Søren Kristian Toubro]]}} | ||
| hq_location = L&T House, [[Ballard Estate]] | | hq_location = L&T House, [[Ballard Estate]] | ||
| hq_location_city = | | hq_location_city = Mumbai, Maharashtra | ||
| hq_location_country = | | hq_location_country = India<ref>{{cite web|url=http://www.larsentoubro.com/corporate/contact-us/indian-offices/|title=Contact L&T|website=www.larsentoubro.com|access-date=11 February 2017|archive-url=https://web.archive.org/web/20170212093205/http://www.larsentoubro.com/corporate/contact-us/indian-offices/|archive-date=12 February 2017|url-status=live}}</ref> | ||
| num_locations = | | num_locations = | ||
| num_locations_year = <!-- Year of num_locations data (if known) --> | | num_locations_year = <!-- Year of num_locations data (if known) --> | ||
| area_served = Worldwide | | area_served = Worldwide | ||
| key_people = {{ubl|[[ | | key_people = {{ubl|[[A. M. Naik]] <br /> {{small|([[Emeritus|Chairman Emeritus]])}}|[[S. N. Subrahmanyan]] <br /> {{small|([[Chairman]] & [[Managing Director|MD]])}}|R. Shankar Raman <br /> {{small|([[Chief Financial Officer|CFO]])}}}} | ||
| products = {{hlist | | products = {{hlist | ||
| | | Construction & Mining Machinery | ||
| [[ | | Defence Equipment and Vessels | ||
| Heavy Equipment | |||
| Power Generation Equipment | |||
| Rubber Processing Machinery | |||
| [[Valves]] | |||
}} | }} | ||
| brands = | | brands = | ||
| Line 31: | Line 36: | ||
| services = {{hlist | | services = {{hlist | ||
| [[Electric power industry|Power generation]] | | [[Electric power industry|Power generation]] | ||
| [[Ecommerce]] | |||
| [[Infrastructure]] | | [[Infrastructure]] | ||
| [[Construction]] | | [[Construction]] | ||
| [[Heavy industry]] | | [[Heavy industry]] | ||
| [[IT | | [[IT services]] | ||
| [[Rapid transit]] | | [[Rapid transit]] | ||
| [[Financial | | [[Financial services]] | ||
| [[Shipbuilding]] | | [[Shipbuilding]] | ||
| [[Real estate]] | | [[Real estate]] | ||
| [[Defence (military)|Defence]]}} | | [[Defence (military)|Defence]]}} | ||
| revenue = {{Increase}} {{INRConvert| | | revenue = {{Increase}} {{INRConvert|259859|c}}<ref name=pnl>{{Cite web|title=Larsen & Toubro Consolidated Profit & Loss account, Larsen & Toubro Financial Statement & Accounts|url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/a50baf56-e23a-4874-b616-3fbf55bb50e7.pdf|access-date=8 May 2024|website=www.bseindia.com|language=en}}</ref> | ||
| revenue_year = | | revenue_year = 2025 | ||
| operating_income = {{Increase}} {{INRConvert| | | operating_income = {{Increase}} {{INRConvert|23104|c}}<ref name=pnl/> | ||
| income_year = | | income_year = 2025 | ||
| net_income = {{Increase}} {{INRConvert| | | net_income = {{Increase}} {{INRConvert|17687|c}}<ref name=pnl/> | ||
| net_income_year = | | net_income_year = 2025 | ||
| assets = {{Increase}} {{INRConvert| | | assets = {{Increase}} {{INRConvert|379524|c}}<ref name=pnl /> | ||
| assets_year = | | assets_year = 2025 | ||
| equity = {{Increase}} {{INRConvert| | | equity = {{Increase}} {{INRConvert|115404|c}}<ref name=pnl /> | ||
| equity_year = | | equity_year = 2025 | ||
| owner = | | owner = | ||
| num_employees = | | num_employees = 407,438 (including 348,094 workmen)<ref name="fy2022">{{cite web |url=https://investors.larsentoubro.com/Annual-Reports-Archives.aspx# |title=Larsen & Toubro Annual Report Fiscal Year 2024 Results |publisher=Larsen & Toubro |website=larsentoubro.com |date=26 June 2024 |access-date=26 June 2024 }}</ref> | ||
| num_employees_year = | | num_employees_year = 2024 | ||
| parent = | | parent = | ||
| divisions = | | divisions = *Real Estate (Realty) | ||
* | |||
*[[Technology]] | *[[Technology]] | ||
*[[Ecommerce|B2B eCommerce]] | |||
*[[Engineering]] | *[[Engineering]] | ||
*[[Construction]] | *[[Construction]] | ||
*[[Manufacturing]] | *[[Manufacturing]] | ||
| subsid = {{plainlist| | | subsid = {{plainlist| | ||
* [[ | * [[LTIMindtree|LTM]] | ||
* [[L&T Technology Services]] | * [[L&T Technology Services]] | ||
* L&T | * L&T Heavy Engineering | ||
* [[Hyderabad Metro Rail|L&T Metro Rail]] | |||
* [[L&T | * L&T Realty | ||
* L&T | * [[L&T Shipbuilding]]}} | ||
* L&T Shipbuilding | |||
| module = <!-- Used to embed other templates --> | | module = <!-- Used to embed other templates --> | ||
| website = {{URL|http://www.larsentoubro.com/}} | | website = {{URL|http://www.larsentoubro.com/}} | ||
| Line 77: | Line 78: | ||
}} | }} | ||
'''Larsen & Toubro | '''Larsen & Toubro Limited''' ('''L&T''') is an Indian multinational [[Conglomerate (company)|conglomerate]] headquartered in [[Mumbai]]. It operates in sectors including [[industrial technology]], [[heavy industry]], [[engineering]], [[construction]], [[manufacturing]], [[Electric power industry|power]], [[information technology]], [[Arms industry|defence]], and [[financial services]]. | ||
L&T was founded in 1938 in [[Mumbai|Bombay]] by Danish engineers [[Henning Holck-Larsen]] and [[Søren Kristian Toubro]].<ref>{{cite journal|last1=Shah|first1=Shashank|date=18 February 2014|title=Stakeholders Management in the Indian Construction Industry: Insights into the Approach at Larsen & Toubro's Construction Division|url=http://scholar.valpo.edu/cgi/viewcontent.cgi?article=1095&context=jvbl|journal=Journal of Values Based Leadership|volume=7|issue=1|access-date=11 June 2014|archive-url=https://web.archive.org/web/20140523040114/http://scholar.valpo.edu/cgi/viewcontent.cgi?article=1095&context=jvbl|archive-date=23 May 2014|url-status=live}}</ref><ref name=":2">{{Cite web |title=Larsen & Toubro (L&T) {{!}} Who we are |url=https://www.lntecc.com/who-we-are/ |access-date=2024-01-16 |website=L&T Construction |language=en}}</ref> As of 31 March 2022, the L&T Group consisted of 93 subsidiaries, 5 associate companies, 27 joint ventures, and 35 joint operations.<ref>{{Cite web |title=Check out the larsen toubro ltd Management Discussions {{!}} Live stock/Share Prices at indiainfoline.com |url=https://indiainfoline.com/company/larsen-toubro-ltd/management-discussions/348 |access-date=2023-04-01 |website=indiainfoline.com |language=en}}</ref> As of 1 October 2023, [[S N Subrahmanyan]] serves as the chairman and managing director of L&T, having succeeded [[A. M. Naik|A M Naik]].<ref>{{Cite web|date=11 May 2023|title=SN Subrahmanyan named L&T CMD, AM Naik steps down|url=https://economictimes.indiatimes.com/news/company/corporate-trends/sn-subrahmanyan-named-lt-cmd-am-naik-steps-down/articleshow/100142919.cms|access-date=1 December 2023|website=The Economic Times|language=en}}</ref> | |||
{{Multiple image|perrow = 2|total_width=375|align=right | |||
|image1 = EXCON 2025, Bangalore International Exhibition Centre (880).jpg | |||
|width1 = 125px | |||
|image2 = EXCON 2025, Bangalore International Exhibition Centre (862).jpg | |||
|width2 = 125px | |||
|footer = Larsen & Toubro at [[EXCON]] 2025, [[Bangalore International Exhibition Centre|BIEC]] | |||
}} | |||
==History== | ==History== | ||
{{multiple image | |||
| direction = vertical | |||
| align = right | |||
| width = | |||
| image1 = Lotus Temple-Panoroma-Visit During WCI 2016- IMG 6471.jpg | |||
| image2 = Statue of Unity358.jpg | |||
| image3 = Narendra Modi Stadium view from the gallery.jpg | |||
| image4 = Pran Pratishtha ceremony of Shree Ram Janmaboomi Temple in Ayodhya, Uttar Pradesh on January 22, 2024.jpg | |||
| footer = L&T's notable construction projects | |||
| total_width = | |||
| alt1 = | |||
| caption1 = [[Lotus Temple]], [[Delhi]] | |||
| caption2 = [[Statue of Unity]], [[Kevadia]] | |||
| caption3 = [[Narendra Modi Stadium]], [[Ahmedabad]] | |||
| caption4 = [[Ram Mandir]], [[Ayodhya]] | |||
}} | |||
Henning Holck-Larsen and Søren Kristian Toubro were in India to represent the interests of the Danish dairy equipment manufacturer [[FLSmidth]] when they founded L&T through an oral agreement in 1938. The company was legally incorporated in 1946.<ref name=":2" /> | |||
The start of [[Second World War|World War II]] in 1939 and the resulting blockade of trade, led Larsen and Toubro to undertake jobs and provide service facilities. The [[German invasion of Denmark (1940)|German invasion of Denmark]] in April 1940 stopped supplies of Danish products. The war-time need to repair, refit, and degauss ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd, to handle these operations. L&T also started to repair and fabricate ships. The [[internment]] of German engineers in India who were to construct a [[soda ash]] plant for the [[Tata Group]] gave L&T a chance to enter the field of installation.<ref name="larsentoubro.com">{{cite web |url= http://www.larsentoubro.com/lntcorporate/LnT_Offerings/Service_Template1.aspx?res=P_ENC_COFF_SBU_SERV&srid=125&sbu=31 |title= Larsen & Toubro – Hydrocarbon Upstream |access-date= 21 June 2012 |archive-url= https://web.archive.org/web/20130507204336/http://www.larsentoubro.com/lntcorporate/LnT_Offerings/Service_Template1.aspx?res=P_ENC_COFF_SBU_SERV&srid=125&sbu=31 |archive-date= 7 May 2013 |url-status= dead }}</ref> | |||
In 1946, they incorporated Engineering Construction & Contracts Ltd. (ECC) to focus on construction projects. ECC now exists as the construction division of L&T.<ref name=":2" /> By 1947, the company represented the manufacturers of equipment used to manufacture products such as [[hydrogenated oil]]s, [[biscuit]]s, soaps and glass. In 1947, the company signed an agreement with [[Caterpillar Inc.|Caterpillar Tractor Company]] to market [[Heavy equipment|earth moving equipment]]. At the end of the war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the finances required were beyond the capacity of the partners. This prompted them to raise additional equity capital, and on 7 February 1946, Larsen & Toubro Private Limited was incorporated.<ref name="larsentoubro.com" /> | |||
In | In 1947, the firm set up offices in [[Kolkata|Calcutta]] and [[Chennai|Madras]] and [[New Delhi]]. In 1948, {{convert|55|acre|ha|order=flip}} of undeveloped marsh and jungle was acquired in [[Powai]], Mumbai. In December 1950, L&T became a public company with a paid-up capital of {{INRConvert|20|l|year=1950}}. The sales turnover in that year was {{INRConvert|1.09|c|year=1950}}. In 1956, a major part of the company's Bombay office moved to ICI House in [[Ballard Estate]], which would later be purchased by the company and renamed as L&T House, its present headquarters.<ref name="larsentoubro.com" /> | ||
During the | During the 1960s, ventures included the [[Utkal Machinery Limited]] (UTMAL, set up in 1960), [[Audco India Limited]] (1961), [[Eutectic Welding Alloys]] (1962) and [[Tractor Engineers Limited]] (TENGL, 1963).<ref name="larsentoubro.com" /> | ||
In | In 1965, the firm had been chosen as a partner for building [[nuclear reactor]]s. Dr. [[Homi J. Bhabha|Homi Bhabha]], chairman of the [[Atomic Energy Commission of India|Atomic Energy Commission]] had approached L&T in the 1950s to fabricate critical components for nuclear reactors. | ||
During the 1970s, L&T was contracted to work with [[Indian Space Research Organisation]] (ISRO). Chairman [[Vikram Sarabhai]] chose L&T as manufacturing partner.<ref name="Merchant, 2017 54">{{Cite book|last=Merchant, Minhaz|title=The nationalist : how A.M. Naik overcame great odds to transform Larsen & Toubro into a global powerhouse|year=2017|isbn=978-93-5277-288-9|location=Noida, Uttar Pradesh, India|pages=54|oclc=1021061261}}</ref> | |||
In 1976, ECC bid for a large airport [[Abu Dhabi International Airport|project]] in [[Abu Dhabi]]. ECC's balance sheet, however, did not meet the bid's financial qualification requirement. So it was merged into L&T. ECC was eventually rechristened L&T Construction and now accounts for the largest slice of the group's annual revenue.<ref>{{Cite book|last=Merchant, Minhaz|title=The nationalist : how A.M. Naik overcame great odds to transform Larsen & Toubro into a global powerhouse|year=2017|isbn=978-93-5277-288-9|location=Noida, Uttar Pradesh, India|pages=53, 55|oclc=1021061261}}</ref> | |||
In 1985, L&T entered into a partnership with the [[Defence Research and Development Organisation]] (DRDO). L&T was not yet allowed by the government to manufacture defence equipment but was permitted to participate in design and development programmes with DRDO. After the design and development was done, the firm had to hand over all the drawings to DRDO. The [[Government of India|Indian government]] would then assign the production work to a public sector defence unit or ordnance factory for manufacture. The firm currently makes a range of weapon and missile systems, command and control systems, engineering systems, and submarines through DRDO.<ref name="Merchant, 2017 54" /> Larsen & Toubro established a [[financial services]] subsidiary called L&T Finance in November 1994.<ref>{{cite web|url=http://www.ltfinance.com/overview.aspx|title=Overview|publisher=Larsen&Toubro|access-date=10 August 2011|archive-url=https://web.archive.org/web/20110826063755/http://www.ltfinance.com/overview.aspx|archive-date=26 August 2011|url-status=live}}</ref> | |||
== | In 2015, the company began developing commercial, retail and office space around the [[Hyderabad Metro Rail]] project.<ref>{{cite web |author=V. Rishi Kumar |title=L&T Hyderabad Metro wins infrastructure award |url=https://www.thehindubusinessline.com/news/national/lt-hyderabad-metro-wins-infrastructureaward/article7625261.ece |work=The Hindu Business Line |date=7 September 2015}}</ref> In June 2019, the company acquired a controlling stake in IT services company [[Mindtree]].<ref>{{cite news|date=26 June 2019|title=Mindtree erases gains to settle in the red|url=https://economictimes.indiatimes.com/markets/stocks/news/mindtree-jumps-as-lt-hikes-stake-to-51/articleshow/69953716.cms|url-status=live|archive-url=https://web.archive.org/web/20190626104519/https://economictimes.indiatimes.com/markets/stocks/news/mindtree-jumps-as-lt-hikes-stake-to-51/articleshow/69953716.cms|archive-date=26 June 2019|access-date=26 June 2019|newspaper=The Economic Times}}</ref> In 2022, L&T purchased the whole ownership stake that was held by [[Chiyoda Corporation]], a Japanese engineering company, in their joint venture, L&T-Chiyoda, which was formed in 1994.<ref>{{Cite web |date=22 November 2022 |title=Larsen and Toubro buys out partners stake in three-decade old joint venture for Rs 75 crore |url=https://www.cnbctv18.com/market/stocks/lt-joint-venture-chiyoda-stake-75-crore-epc-business-15226881.htm |access-date=13 May 2025 |website=CNBC TV18 |language=}}</ref> | ||
As of 2024, L&T is India's largest private-sector defence manufacturing company by revenue.<ref name=":0">{{Cite web |last=Bhattacharjee |first=Nivedita |date=7 March 2025 |title=L&T bets on space exploration as India expands private rocket and satellite industry |url=https://www.reuters.com/business/aerospace-defense/lt-bets-space-exploration-india-expands-private-rocket-satellite-industry-2025-03-05/ |access-date=24 March 2025 |website=Reuters}}</ref> The company is also in the process of expanding its [[Space industry|space]] business, which includes manufacturing space [[launch vehicle]]s and [[satellite]]s, as of 2024.<ref name=":0" /> L&T is the production partner for the DRDO designed [[Zorawar (tank)|Zorawar]] [[light tank]], a prototype for which was unveiled in 2024.<ref>{{Cite news |date=12 January 2024 |title=Indian light tank Zorawar begins trials, expected to be ready for user tests by April |url=https://economictimes.indiatimes.com/news/defence/indian-light-tank-zorawar-begins-trials-expected-to-be-ready-for-user-tests-by-april/articleshow/106780188.cms?from=mdr |access-date=13 May 2025 |work=The Economic Times |issn=0013-0389}}</ref><ref>{{Cite news |last=Peri |first=Dinakar |date=6 July 2024 |title=India unveils light tank Zorawar |url=https://www.thehindu.com/news/national/drdo-unveils-indigenous-light-tank-zorawar/article68375255.ece |access-date=13 May 2025 |work=The Hindu |language= |issn=0971-751X}}</ref> | |||
L&T | |||
In January 2025, the [[Ministry of Defence (India)|Ministry of Defence]] rejected the joint bid by L&T and [[Navantia]], a Spanish shipbuilding company, for the [[Indian Navy]]'s [[Project-75 (India) submarine acquisition project|Project-75(I) submarine program]] for technical reasons.<ref>{{Cite web |last=Parashar |first=Kiran |date=24 January 2025 |title=L&T-Navantia out, Mazagon-Thyssenkrupp likely to land Rs 70,000-crore submarine deal |url=https://indianexpress.com/article/cities/bangalore/lt-navantia-out-mazagon-thyssenkrupp-likely-to-land-rs-70k-crore-submarine-deal-9795974/ |access-date=13 May 2025 |website=The Indian Express}}</ref> L&T, in a consortium with [[Hindustan Aeronautics Limited]], is also manufacturing the first privately built variant of the [[Polar Satellite Launch Vehicle]] (PSLV), designated PSLV-XL N1, which is scheduled to launch in 2025.<ref name=":0" /><ref>{{Cite web |date=19 September 2024 |title=First privately made PSLV likely to see launch by year-end as private participation in India's space sector gains traction |url=https://indianexpress.com/article/cities/bangalore/private-pslv-space-9576053/ |access-date=28 March 2025 |website=The Indian Express}}</ref> | |||
L&T's | |||
In March 2025, L&T was awarded an order from [[QatarEnergy LNG]], a Qatari [[liquefied gas]] company, for the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes for the North Field Production Sustainability Offshore Compression Project.<ref name=":1">{{Cite web |last=Pillay |first=Amritha |date=26 March 2025 |title=L&T's biggest ever: Bags contract worth over $4 bn from QatarEnergy |url=https://www.business-standard.com/companies/news/l-t-wins-largest-contract-ever-as-qatarenergy-awards-one-worth-over-4-bn-125032600861_1.html |access-date=13 May 2025 |website=Business Standard}}</ref> The order, worth US$4 billion, is the largest order in L&T's history.<ref name=":1" /> | |||
L&T | |||
== | ==Major subsidiaries== | ||
==== | ===Construction=== | ||
* L&T Construction | |||
** L&T Metro Rail Hyderabad | |||
* L&T Realty | |||
L&T | |||
L&T | |||
=== EPC Projects === | === EPC Projects === | ||
L&T | * L&T Valves | ||
* L&T Energy Hydrocarbon | |||
* L&T CarbonLite-Solutions(previously Power) | |||
==== | === Technology === | ||
* [[LTIMindtree|LTM]] | |||
* [[L&T Technology Services]] | |||
=== Manufacturing === | === Manufacturing === | ||
* L&T Heavy Engineering | |||
* L&T Precision Engineering and Systems | |||
* L&T Shipbuilding | |||
L&T | * L&T Rubber Processing Machinery | ||
L&T | |||
=== | === [[Finance|Financial]] services === | ||
* L&T Finance | |||
=== | === Digital=== | ||
L&T | * L&T-SuFin<ref>{{Cite web|date=7 March 2022|title=Larsen and Toubro launches L&T SuFin to empower MSMEs|url=https://auto.economictimes.indiatimes.com/news/industry/larsen-and-toubro-launches-lt-sufin-to-empower-msmes/90058414|access-date=1 December 2023|website=The Economic Times|language=en}}</ref> | ||
* L&T Edutech<ref>{{Cite web|date=16 October 2021|title=L&T forays into EdTech space, launches learning app |url=https://www.newindianexpress.com/business/2021/oct/16/lt-forays-into-edtech-space-launcheslearning-app-2372113.html|access-date=12 January 2024|website=Indian Express|language=en}}</ref> Engineering | |||
Larsen and Toubro | |||
==Other subsidiaries and joint ventures== | ==Other subsidiaries and joint ventures== | ||
As of 31 March 2022, L&T has 93 subsidiaries, 5 associate companies, 27 joint ventures and 35 joint operations.<ref>{{Cite web |title=Stock Share Price {{!}} Get Quote {{!}} BSE |url=https://www.bseindia.com/stock-share-price/larsen--toubro-ltd/lt/500510/financials-annual-reports/ |access-date=2023-04-18 |website=www.bseindia.com}}</ref> | |||
As of March | *L&T – Construction Equipment Limited: having its registered office at [[Mumbai]], India and focusing on [[construction equipment]] and [[mining equipment]], '''L&T-Komatsu Limited'''<ref>{{cite web |url=http://www.komatsu.com/CompanyInfo/profile/group/detail.cgi?name=L%26T-Komatsu%20Limited%20%5BLTK%5D%20 |title=L&T Komatsu Ltd |publisher=Komatsu Limited |access-date=10 August 2011 |archive-url=https://web.archive.org/web/20110928040125/http://www.komatsu.com/CompanyInfo/profile/group/detail.cgi?name=L&T-Komatsu%20Limited%20%5BLTK%5D%20 |archive-date=28 September 2011 |url-status=live }}</ref> was a joint-venture of Larsen and Toubro, and Komatsu Asia Pacific Pte Limited, Singapore, a wholly owned subsidiary of [[Komatsu Limited]], Japan. Komatsu is the world's second largest manufacturer of hydraulic excavators and has manufacturing and marketing facilities.<ref>[[Komatsu Limited]]</ref> The plant was started in 1975 by L&T to manufacture hydraulic excavators for the first time in India. In 1998, it became a joint-venture. The Bengaluru works comprise machinery and hydraulics works, with a manufacturing facility for design, manufacture, and servicing of earth moving equipment. In April 2013, L&T bought the 50% stake held by Komatsu Asia & Pacific. The company's name was changed to L&T Construction Equipment Limited.<ref>{{cite web|url=http://www.larsentoubro.com/lntcorporate/common/ui_templates/HtmlContainer.aspx?res=P_CMB_BABT_COPR_ALNT|title=Change name|publisher=Larsen&Toubro|access-date=10 June 2013|archive-url=https://web.archive.org/web/20130606061346/http://www.larsentoubro.com/lntcorporate/common/ui_templates/HtmlContainer.aspx?res=P_CMB_BABT_COPR_ALNT|archive-date=6 June 2013|url-status=dead}}</ref><ref>{{cite web | url=http://articles.economictimes.indiatimes.com/2013-04-13/news/38511372_1_larsen-toubro-construction-equipment-brand-equity | title=L&T to buy out Komatsu subsidiary in joint venture | date=13 April 2013 | publisher=Economic Times | access-date=13 April 2013 | archive-url=https://web.archive.org/web/20130710080524/http://articles.economictimes.indiatimes.com/2013-04-13/news/38511372_1_larsen-toubro-construction-equipment-brand-equity | archive-date=10 July 2013 | url-status=dead }}</ref> | ||
* L&T jointly with Qatari company Al Balagh group were the main contractors for the [[Ahmed bin Ali Stadium|Al Rayyan stadium]], where the [[2022 FIFA World Cup]] was held.<ref>{{Cite news|date=7 June 2016|title=Indian firm L&T named main contractors for 2022 FIFA WC stadium|work=Business Standard India|url=https://www.business-standard.com/article/news-ani/indian-firm-l-t-named-main-contractors-for-2022-fifa-wc-stadium-116060700642_1.html|access-date=15 July 2020}}</ref> | |||
* A partnership between L&T Finance and [[Sonalika Group]] farm equipment maker International Tractors Ltd in April 2014 provided credit and financing to customers of Sonalika Group in India.<ref>{{cite news|title=International Tractors Ltd signs pact with L&T Finance for vehicle loans|newspaper=The Economic Times|url=http://economictimes.indiatimes.com/industry/auto/automobiles/international-tractors-ltd-signs-pact-with-lt-finance-for-vehicle-loans/articleshow/34074103.cms|publisher=The Economic Times of India|access-date=22 April 2014|archive-url=https://web.archive.org/web/20140511045939/http://economictimes.indiatimes.com/industry/auto/automobiles/international-tractors-ltd-signs-pact-with-lt-finance-for-vehicle-loans/articleshow/34074103.cms|archive-date=11 May 2014|url-status=live}}</ref> | |||
* L&T Special Steels and Heavy Forgings Pvt Ltd. is a joint venture between L&T and the [[Nuclear Power Corporation of India]] (NPCIL), headquartered at Hazira. It is the largest integrated steel plant and heavy forging unit in India, capable of producing forgings weighing 120 MT each. LTSSHF currently is engaged in projects from the nuclear, hydrocarbon, power and oil and gas sectors.<ref>{{Cite web |url=http://www.npcil.nic.in/pdf/press_lnt_jv.pdf |title=Archived copy |access-date=28 December 2014 |archive-url=https://web.archive.org/web/20141228034722/http://www.npcil.nic.in/pdf/press_lnt_jv.pdf |archive-date=28 December 2014 |url-status=dead }}</ref> | |||
* L&T Finance | * L&T-Sargent & Lundy Limited (L&T-S&L), established in 1995, is an engineering and consultancy firm in the power sector, formed by L&T and Sargent & Lundy L.L.C. - USA, a global consulting firm in the power industry since 1891.<ref>{{cite web|title=L&T-Sargent & Lundy Ltd - Company Profile and News|url=https://www.bloomberg.com/profile/company/8158918Z:IN|access-date=2020-09-26|website=Bloomberg.com}}</ref><ref>{{cite web|url=http://www.lntsnl.com/about-us/|title=Premier Engineering & Consultancy firm in the Power Sector - L&T-Sargent & Lundy|website=www.lntsnl.com|access-date=24 March 2018|archive-url=https://web.archive.org/web/20180325045116/http://www.lntsnl.com/about-us/|archive-date=25 March 2018|url-status=live}}</ref> | ||
* | * SA & Alstom Projects India.<ref name=":3">{{Cite web |date=20 January 2013 |title=L&T-Alstom JV wins Chennai Metro track work project |url=https://www.business-standard.com/article/companies/l-t-alstom-jv-wins-chennai-metro-track-work-project-111012200037_1.html |access-date=13 May 2025 |website=Business Standard}}</ref> A joint venture between L&T and Alstom, a French rolling stock manufacturing company, that works on metro rail projects.<ref name=":3" /><ref>{{Cite web |last= |first= |date=28 May 2013 |title=15 Indian companies, MNCs on the job |url=https://www.newindianexpress.com/cities/chennai/2013/May/28/15-indian-companies-mncs-on-the-job-481259.html |access-date=13 May 2025 |website=The New Indian Express}}</ref> | ||
* | * L&T MBDA Missile Systems.<ref>{{Cite web |last=Sen |first=Amiti |date=5 May 2019 |title=L&T MBDA, Tata Power defence proposals get SEZ board approval |url=https://www.thehindubusinessline.com/companies/lt-mbda-tata-power-defence-proposals-get-sez-board-approval/article27040570.ece |access-date=25 March 2025 |website=The Hindu Business Line}}</ref> Founded in 2017, L&T MBDA Missile Systems is a joint venture between L&T and European missile company, [[MBDA]].<ref>{{Cite web |date=14 February 2017 |title=Larsen & Toubro, MBDA ink deal to develop missiles for Indian armed forces |url=https://www.financialexpress.com/business/industry-larsen-toubro-mbda-ink-deal-to-develop-missiles-for-indian-armed-forces-550016/ |access-date=25 March 2025 |website=Financial Express}}</ref> Owned 51% by L&T and 49% by MBDA, the joint venture was formed to produce and supply [[missile]]s and missile systems to the [[Indian Armed Forces]].<ref>{{Cite web |title=About Us: Overview |url=https://www.lntmbda.com/about-us/overview/ |access-date=25 March 2025 |website=L&T MBDA Missile Systems}}</ref> | ||
== Divestments == | == Divestments == | ||
| Line 233: | Line 181: | ||
=== L&T-John Deere === | === L&T-John Deere === | ||
In 1992, L&T established a 50-50 joint venture with [[John Deere]] to manufacture tractors in India, called | In 1992, L&T established a 50-50 joint venture with [[John Deere]] to manufacture tractors in India, called L&T - John Deere. L&T sold their interest to John Deere in 2005.<ref>{{cite web|title=L&T India - Error Page|url=http://www.larsentoubro.com/lntcorporate/LnT_PRS/news_news_press.aspx?res=P_CORP_EMID_BPRS&PR_ID=150|url-status=dead|archive-url=https://web.archive.org/web/20180319004246/http://www.larsentoubro.com/lntcorporate/LnT_PRS/news_news_press.aspx?res=P_CORP_EMID_BPRS&PR_ID=150|archive-date=19 March 2018|access-date=15 June 2017|website=www.larsentoubro.com}}</ref> | ||
=== L&T Case === | === L&T Case === | ||
In 1992, L&T established L&T-Case Construction with CNH Global as a 50-50 joint venture to build backhoes. In 2011, L&T | In 1992, L&T established L&T-Case Construction with CNH Global as a 50-50 joint venture to build backhoes. In 2011, L&T sold its share to CNH, and the company was renamed Case New Holland Construction Equipment India.<ref>{{Cite news|title=L&T divests stake in L&T-Case JV|url=https://www.constructionweekonline.in/lt-divests-stake-in-lt-case-jv|access-date=14 July 2020|newspaper=Construction Week India|date=31 March 2011 |language=en}}</ref> | ||
=== L&T Medical Equipment and Systems === | === L&T Medical Equipment and Systems === | ||
In 1987, L&T launched the L&T Medical Equipment & Systems division.<ref>{{Cite web|title=L&T to sell medical equipment biz|url=https://www.thehindubusinessline.com/companies/lampt-to-sell-medical-equipment-biz/article20530051.ece1|access-date=10 July 2020|website=@businessline|date=16 November 2012 |language=en}}</ref> In November 2012, it was sold to Skanray Technologies Pvt Ltd.<ref>{{Cite web|date=17 November 2012|title=L&T sells medical equipment biz to Skanray Healthcare|url=https://www.financialexpress.com/archive/lt-sells-medical-equipment-biz-to-skanray-healthcare/1032279/|access-date=10 July 2020|website=The Financial Express|language=en-US}}</ref> It manufactures surgical robots, MRI, X-ray, DR Imaging etc. | |||
===EWAC Alloys Limited === | === EWAC Alloys Limited === | ||
EWAC Alloys Limited was a wholly owned subsidiary of L&T. The company was engaged in design & development, manufacture and supply of special welding electrodes, gas [[brazing]] rods and fluxes, [[welding torch]]es and accessories, atomised metal powder alloys, flux cored continuous wires & wire feeders, polymer compounds & wear-resistant plates. | EWAC Alloys Limited was a wholly owned subsidiary of L&T. The company was engaged in design & development, manufacture and supply of special welding electrodes, gas [[brazing]] rods and fluxes, [[welding torch]]es and accessories, atomised metal powder alloys, flux cored continuous wires & wire feeders, polymer compounds & wear-resistant plates. | ||
| Line 247: | Line 195: | ||
L&T sold its entire stake in unlisted subsidiary EWAC Alloys to UK-registered ESAB Holdings for a total consideration of Rs 522 crore. The share purchase agreement has been executed on 11 October 2017.<ref>{{Cite web|date=12 October 2017|title=Larsen and Toubro sells EWAC Alloys for Rs 522 cr to UK's ESAB|url=https://www.financialexpress.com/industry/larsen-and-toubro-sells-ewac-alloys-for-rs-522-cr-to-uks-esab/891102/|access-date=10 July 2020|website=The Financial Express|language=en-US}}</ref> The acquirer ESAB offers products for welding and cutting process. In 2012, ESAB was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US. | L&T sold its entire stake in unlisted subsidiary EWAC Alloys to UK-registered ESAB Holdings for a total consideration of Rs 522 crore. The share purchase agreement has been executed on 11 October 2017.<ref>{{Cite web|date=12 October 2017|title=Larsen and Toubro sells EWAC Alloys for Rs 522 cr to UK's ESAB|url=https://www.financialexpress.com/industry/larsen-and-toubro-sells-ewac-alloys-for-rs-522-cr-to-uks-esab/891102/|access-date=10 July 2020|website=The Financial Express|language=en-US}}</ref> The acquirer ESAB offers products for welding and cutting process. In 2012, ESAB was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US. | ||
=== Petroleum Dispensing Pump (PDP) === | |||
In November 2009, Larsen and Toubro (L&T) sold its [[Gasoline pump|petroleum dispensing pump]] (PDP) business to [[Gilbarco Veeder-Root]], a US-based payments systems company, for around Rs 150 crore. | |||
Gilbarco has signed a definitive purchase agreement to acquire the business. With the completion of acquisition, L&T's PDP business will become part of a new division called Gilbarco Veeder-Root India Pvt Ltd.<ref>{{cite web | url=https://www.business-standard.com/article/companies/l-t-sells-fuel-dispenser-biz-to-us-firm-for-rs-150-crore-109111800095_1.html | title=L&T sells fuel dispenser biz to US firm for Rs 150 crore }}</ref> | |||
=== L&T Kobelco Machinery Private Limited === | === L&T Kobelco Machinery Private Limited === | ||
This was a [[joint venture]] of L&T and Kobe Steel of Japan, to manufacture internal mixers and twin screw roller-head extruder's for the tyre industry. L&T sold its entire 51% stake in L&T Kobelco Machinery Private to its joint venture partner in the company, Kobe Steel of Japan, for Rs 43.5 crore.<ref>{{Cite news|last=Prasad|first=Rachita|title=L&T sells 51% stake in JV to partner Kobe Steel for Rs 43.5 crore - The Economic Times|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/lt-sells-51-stake-in-jv-to-partner-kobe-steel-for-rs-43-5-crore/articleshow/68705621.cms|access-date=15 July | This was a [[joint venture]] of L&T and Kobe Steel of Japan, to manufacture internal mixers and twin screw roller-head extruder's for the tyre industry. L&T sold its entire 51% stake in L&T Kobelco Machinery Private to its joint venture partner in the company, Kobe Steel of Japan, for Rs 43.5 crore.<ref>{{Cite news|last=Prasad|first=Rachita|title=L&T sells 51% stake in JV to partner Kobe Steel for Rs 43.5 crore - The Economic Times|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/lt-sells-51-stake-in-jv-to-partner-kobe-steel-for-rs-43-5-crore/articleshow/68705621.cms|access-date=15 July 2020}}</ref> | ||
=== L&T Electrical and Automation Ltd. === | === L&T Electrical and Automation Ltd. === | ||
L&T was an international manufacturer of electrical and electronic products and systems. The company manufactured custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.<ref>{{cite web|title=Larsen & Toubro Limited |url=http://www.rina.org.uk/page666.html|url-status=dead|archive-url=https://web.archive.org/web/20110717045722/http://www.rina.org.uk/page666.html|archive-date=17 July 2011|access-date=16 July 2010|publisher=Rina.org.u}}</ref> In the electronic segment, L&T offered a range of [[Electricity meter|metre]]s and provides control automation systems for industries. In May 2018, the firm signed a definitive agreement with [[Schneider Electric]] for the strategic divestment of its electrical and automation (E&A) business in an all-cash deal of ₹14,000 crore.<ref>{{Cite news|title=L&T to divest automation division in Rs 14,000 crore deal - The Economic Times|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/lt-to-divest-automation-division-in-rs-14000-crore-deal/articleshow/63986428.cms?from=mdr|access-date=14 July | L&T was an international manufacturer of electrical and electronic products and systems. The company manufactured custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.<ref>{{cite web|title=Larsen & Toubro Limited |url=http://www.rina.org.uk/page666.html|url-status=dead|archive-url=https://web.archive.org/web/20110717045722/http://www.rina.org.uk/page666.html|archive-date=17 July 2011|access-date=16 July 2010|publisher=Rina.org.u}}</ref> In the electronic segment, L&T offered a range of [[Electricity meter|metre]]s and provides control automation systems for industries. In May 2018, the firm signed a definitive agreement with [[Schneider Electric]] for the strategic divestment of its electrical and automation (E&A) business in an all-cash deal of ₹14,000 crore.<ref>{{Cite news|title=L&T to divest automation division in Rs 14,000 crore deal - The Economic Times|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/lt-to-divest-automation-division-in-rs-14000-crore-deal/articleshow/63986428.cms?from=mdr|access-date=14 July 2020}}</ref> The deal was completed on 31 August 2020 after receiving the requisite regulatory approvals. L&T has said that its exit from the electrical and automation business is a part of its strategic portfolio review process.<ref>{{Cite web|last=Thomas|first=Tanya|date=31 August 2020|title=L&T sells electrical, automation business to Schneider Electric for ₹14,000 cr|url=https://www.livemint.com/companies/news/l-t-sells-its-electrical-and-automation-business-to-schneider-electric-for-rs-14-000-crore-11598877278444.html|access-date=8 September 2020|website=mint|language=en}}</ref> | ||
=== L&T Mutual Fund === | |||
L&T Mutual Fund was the [[mutual fund]] company of the L&T Group. Its average [[assets under management]] (AUM) as of May 2019 is {{Indian Rupee}} 73,936.68 crore.<ref>{{cite web |title=Average AUM |url=http://www.amfiindia.com/research-information/aum-data/average-aum |url-status=live |archive-url=https://web.archive.org/web/20131213060208/http://www.amfiindia.com/research-information/aum-data/average-aum |archive-date=13 December 2013 |access-date=8 December 2013 |publisher=Association of Mutual Funds in India}}</ref> On November 26, 2022, L&T Mutual Fund was sold to [[HSBC]].<ref>{{Cite web |title=Will L&T Mutual Fund's acquisition inject fresh life into HSBC India MF? Its co-CEO weighs in |url=https://www.moneycontrol.com/news/business/personal-finance/will-lt-mutual-funds-acquisition-inject-life-in-a-comatose-hsbc-india-mf-9837831.html |access-date=2023-04-27 |website=Moneycontrol |date=10 January 2023 |language=en}}</ref> | |||
=== L&T Infrastructure Development Projects Limited === | |||
Larsen & Toubro, signed an agreement to divest its stake in L&T IDPL to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives in December 2022. The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals.<ref>{{Cite web |date=2022-12-19 |title=Larsen & Toubro divests entire 51% stake in L&T Infrastructure Development Projects |url=https://www.businesstoday.in/latest/corporate/story/larsen-toubro-divests-entire-51-stake-in-lt-infrastructure-development-projects-356873-2022-12-19 |access-date=2023-04-27 |website=Business Today |language=en}}</ref> | |||
==Listing and shareholding== | ==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 company's shares constitute a part of the [[BSE SENSEX]] of the | The [[equity shares]] of the company are listed on the [[Bombay Stock Exchange]] (BSE) and the [[National Stock Exchange of India]] (NSE). The company's shares constitute a part of the [[BSE SENSEX]] of the BSE as well as the [[NIFTY 50]] index of the NSE.<ref name=AR201213>{{cite web |url=http://www.bseindia.com/bseplus/AnnualReport/500510/5005100313.pdf |title=Annual Report 2012-13 |publisher=L&T |access-date=3 December 2013 |archive-url=https://web.archive.org/web/20131209055027/http://www.bseindia.com/bseplus/AnnualReport/500510/5005100313.pdf |archive-date=9 December 2013 |url-status=live }}</ref> Its [[global depository receipt]]s (GDR) are listed on the [[Luxembourg Stock Exchange]] and [[London Stock Exchange]].<ref name=AR201213/> | ||
=== Shareholders === | === Shareholders === | ||
Shareholders as of 31 | Shareholders as of 31 December 2022<ref>{{Cite web |title=L&T India {{!}} Downloads {{!}} Shareholding Pattern |url=https://investors.larsentoubro.com/Shareholding-Pattern-Archives.aspx |access-date=2023-04-05 |website=investors.larsentoubro.com}}</ref> | ||
{| class="wikitable" | {| class="wikitable" | ||
! | ! Category | ||
! | ! No. of Shares | ||
! % | |||
|- | |- | ||
| | |Financial Institutions | ||
| | |21,28,76,252 | ||
|15.15 | |||
|- | |- | ||
| | |Foreign Portfolio Investors | ||
| | |32,30,70,981 | ||
|22.99 | |||
|- | |- | ||
| | |Shares underlying GDRs | ||
| | |1,85,26,770 | ||
|1.32 | |||
|- | |- | ||
| | |Mutual Funds | ||
|24.43 | |24,49,70,289 | ||
|17.43 | |||
|- | |- | ||
| | |Bodies Corporate | ||
| | |1,51,76,276 | ||
|1.08 | |||
|- | |- | ||
| | |Qualified Institutional Buyer | ||
|100.00 | |8,85,65,413 | ||
|6.30 | |||
|- | |||
|Directors & Relatives | |||
|17,84,815 | |||
|0.13 | |||
|- | |||
|L&T Employees Trust | |||
|19,25,58,158 | |||
|13.70 | |||
|- | |||
|Others | |||
|30,78,35,173 | |||
|21.90 | |||
|- | |||
|'''TOTAL''' | |||
|'''1,40,53,64,127''' | |||
|'''100.00''' | |||
|} | |} | ||
==Employees== | ==Employees== | ||
As on 31 | As on 31 March 2022, the company had 45,615 permanent employees, out of which 2,997 were women and 48 employees with disabilities. At the same period company had 200,062 workers on contract basis.<ref>[https://web.archive.org/web/20230401073221/https://www.bseindia.com/bseplus/AnnualReport/500510/73655500510.pdf BSE India]</ref> | ||
==Awards and recognition== | ==Awards and recognition== | ||
* L&T ranked 2nd in Top 25 EPC Contractors 2022 in the Middle East List by Oil & Gas Middle East<ref>{{Cite | * L&T ranked 2nd in Top 25 EPC Contractors 2022 in the Middle East List by Oil & Gas Middle East<ref>{{Cite news |title=Top 25 EPC Contractors 2022 |url=https://www.oilandgasmiddleeast.com/lists/top-25-epc-contractors-2022 |access-date=2022-10-06 |website=Oil & Gas Middle East|date=6 October 2022 }}</ref> | ||
* L&T ranked 4th in the 2021 LinkedIn Top Companies list, India<ref>{{Cite web|title=Top Companies 2021: The 25 best workplaces to grow your career in India|url=https://www.linkedin.com/pulse/top-companies-2021-25-best-workplaces-grow-your-career-|access-date=2021-07-16|website=www.linkedin.com|language=en}}</ref> | * L&T ranked 4th in the 2021 LinkedIn Top Companies list, India<ref>{{Cite web|title=Top Companies 2021: The 25 best workplaces to grow your career in India|url=https://www.linkedin.com/pulse/top-companies-2021-25-best-workplaces-grow-your-career-|access-date=2021-07-16|website=www.linkedin.com|language=en}}</ref> | ||
*In 2021, L&T won the Innovation in Onboarding at the OLX People HR Excellence awards by The Economic Times HRWorld<ref>{{Cite web|title=OLX People HR Excellence Awards|url=https://hr.economictimes.indiatimes.com/olx-people-hr-excellence-awards|access-date=2021-07-16|website=ETHRWorld.com|language=en}}</ref> | *In 2021, L&T won the Innovation in Onboarding at the OLX People HR Excellence awards by The Economic Times HRWorld<ref>{{Cite web|title=OLX People HR Excellence Awards|url=https://hr.economictimes.indiatimes.com/olx-people-hr-excellence-awards|access-date=2021-07-16|website=ETHRWorld.com|language=en}}</ref> | ||
*L&T Hydrocarbon won the | *L&T Hydrocarbon won the Federation of Indian Petroleum Industry (FIPI) ‘Engineering Procurement Construction (EPC) - Company of the Year’ Award for 2020<ref>{{Cite web|title=FIPI - Federation of Indian Petroleum Industry {{!}} www.fipi.org.in|url=https://www.fipi.org.in/winners-2020.php|access-date=2021-07-16|website=www.fipi.org.in|archive-date=16 July 2021|archive-url=https://web.archive.org/web/20210716170549/https://www.fipi.org.in/winners-2020.php|url-status=dead}}</ref> | ||
*In 1997, the Bengaluru Works division was awarded the "Best of all" [[Rajiv Gandhi National Quality Award]]<ref>{{cite web | url = http://www.bis.org.in/other/rgnqa_win_12.pdf | title = Annex IV: List of Award Winners of Rajiv Gandhi National Quality Awards | last1 = Shrawan | date = 29 May 2013 | website = bis.org.in | publisher = [[Bureau of Indian Standards]] | location = [[New Delhi]] | access-date = 15 May 2014 | archive-url = https://web.archive.org/web/20141202153812/http://www.bis.org.in/other/rgnqa_win_12.pdf | archive-date = 2 December 2014 | url-status = live }}</ref> | *In 1997, the Bengaluru Works division was awarded the "Best of all" [[Rajiv Gandhi National Quality Award]]<ref>{{cite web | url = http://www.bis.org.in/other/rgnqa_win_12.pdf | title = Annex IV: List of Award Winners of Rajiv Gandhi National Quality Awards | last1 = Shrawan | date = 29 May 2013 | website = bis.org.in | publisher = [[Bureau of Indian Standards]] | location = [[New Delhi]] | access-date = 15 May 2014 | archive-url = https://web.archive.org/web/20141202153812/http://www.bis.org.in/other/rgnqa_win_12.pdf | archive-date = 2 December 2014 | url-status = live }}</ref> | ||
* In 2013, L&T Power received 'Golden Peacock National Quality Award – 2012' at the 23rd World Congress on 'Leadership & Quality of Governance'.<ref>{{cite web |url=http://www.goldenpeacockawards.com/past-winners/national-quality-award-gpnqa.html |title=National Quality Award (GPNQA) |publisher=goldenpeacockawards.com |date=13 February 2013 |access-date=3 December 2013 |archive-url=https://web.archive.org/web/20131109214339/http://www.goldenpeacockawards.com/past-winners/national-quality-award-gpnqa.html |archive-date=9 November 2013 |url-status=live }}</ref><ref>{{cite web |url=http://www.larsentoubro.com/lntcorporate/LnT_NWS/PDF/GoldenPeackLTPower13022013.pdf |title=L&T Power Wins 'Golden Peacock National Quality Award' |publisher=L&T |date=13 February 2013 |access-date=3 December 2013 |archive-url=https://web.archive.org/web/20131206200925/http://www.larsentoubro.com/lntcorporate/LnT_NWS/PDF/GoldenPeackLTPower13022013.pdf |archive-date=6 December 2013 |url-status=live }}</ref> | * In 2013, L&T Power received 'Golden Peacock National Quality Award – 2012' at the 23rd World Congress on 'Leadership & Quality of Governance'.<ref>{{cite web |url=http://www.goldenpeacockawards.com/past-winners/national-quality-award-gpnqa.html |title=National Quality Award (GPNQA) |publisher=goldenpeacockawards.com |date=13 February 2013 |access-date=3 December 2013 |archive-url=https://web.archive.org/web/20131109214339/http://www.goldenpeacockawards.com/past-winners/national-quality-award-gpnqa.html |archive-date=9 November 2013 |url-status=live }}</ref><ref>{{cite web |url=http://www.larsentoubro.com/lntcorporate/LnT_NWS/PDF/GoldenPeackLTPower13022013.pdf |title=L&T Power Wins 'Golden Peacock National Quality Award' |publisher=L&T |date=13 February 2013 |access-date=3 December 2013 |archive-url=https://web.archive.org/web/20131206200925/http://www.larsentoubro.com/lntcorporate/LnT_NWS/PDF/GoldenPeackLTPower13022013.pdf |archive-date=6 December 2013 |url-status=live }}</ref> | ||
* L&T ranked at No.22 among | * L&T ranked at No.22 among World's Best Employers and No.1 in India by [[Forbes]] for 2018. | ||
== Industry collaboration == | |||
An agreement has been signed by Nibe Space, a division of Nibe Defence and Aerospace on 9 September 2024, with Larsen & Toubro, [[Skyroot Aerospace]], [[Centum Electronics]], [[AgniKul Cosmos]], SpaceFields, Sisir Radar and CYRAN AI Solutions for the launch of India's first constellation of multi-sensor, all-weather, high-revisit Earth observation satellites.<ref>{{cite news |last1=Shukla |first1=Ajai |date=11 September 2024 |title=Nibe shoots for stars with Earth observation satellite constellation |url=https://www.business-standard.com/companies/news/nibe-shoots-for-stars-with-earth-observation-satellite-constellation-124091101304_1.html |access-date=18 September 2024 |publisher=Business Standard}}</ref> | |||
== Controversy == | |||
{{Multiple issues|section=yes|{{Importance section|date=March 2025}} | |||
{{Essay-like|section|date=March 2025}}}} | |||
In January 2025, an undated video of Subrahmanyan's New Year address sparked widespread controversy online. In the video, an employee is heard asking why Larsen & Toubro, one of India's largest conglomerates, requires employees to work on Saturdays. In response, Subrahmanyan expressed remorse not being able to make employees work on Sundays, stating it would make him happier since he himself works on Sundays.<ref name=":12">{{Cite news |last=PTI |date=2025-01-09 |title='How long can you stare at wife?': L&T chairman Subrahmanyan suggests 90-hour work week |url=https://www.thehindu.com/business/Industry/how-long-can-you-stare-at-wife-lt-chairman-subrahmanyan-suggests-90-hour-work-week/article69082012.ece |access-date=2025-01-10 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref> He further questioned that what do employees do "sitting at home" and how long could spouses stare at each other, suggesting that employees should "Get to the office and start working" on Sundays instead.<ref name=":02">{{Cite web |title="What Do You Do Sitting At Home": L&T Chairman Suggests Working Sundays |url=https://www.ndtv.com/india-news/l-t-chairman-sn-subrahmanyans-90-hours-work-a-week-statement-draws-criticism-7433804 |access-date=2025-01-10 |website=www.ndtv.com |language=en}}</ref><ref name=":32">{{Cite web |title=Anupam Mittal's Humorous Take On L&T Chief's 'Stare at Wife' Remark: "But Sir, If..." |url=https://www.ndtv.com/feature/anupam-mittals-humorous-take-on-l-t-chiefs-stare-at-wife-remark-but-sir-if-7455707 |access-date=2025-01-12 |website=www.ndtv.com |language=en}}</ref> Shortly after the video went viral, Meena Subrahmanyan, his wife, became the target of widespread trolling on social media due to her husband's remarks.<ref>{{Cite web |title=Meena Subrahmanyan, Wife Of L&T Chief SN Subrahmanyan, Gets The Heat From Netizens For Latter's 90-Hour Workweek Remark |url=https://www.freepressjournal.in/business/meena-subrahmanyan-wife-of-lt-chief-sn-subrahmanyan-gets-the-heat-from-netizens-for-latters-90-hour-workweek-remark |access-date=10 January 2025 |language=en-US}}</ref> | |||
Subrahmanyan justified this stance by citing a conversation with a Chinese individual who claimed that China's longer work hours could enable them to surpass the United States.<ref name=":12" /> He subsequently endorsed a 90-hour workweek for employees, adding that such effort was necessary for achieving success.<ref name=":12" /> However, his statements were contradicted by a 2021 [[United Nations]] report, which highlighted the detrimental effects of excessive work hours on mental and physical health.<ref>{{Cite news |last=Panwar |first=Sanya |date=Jan 10, 2025 |title=L&T chairman SN Subrahmanyan endorses '90-hour work week' but a UN report warns long working hours can kill you |url=https://www.hindustantimes.com/lifestyle/health/lt-chairman-sn-subrahmanyan-under-fire-90-hour-work-week-reaction-un-report-long-working-hours-can-kill-you-warning-101736488457967.html |work=[[Hindustan Times]]}}</ref> | |||
The remarks reignited concerns about toxic work environments in India, especially following the 2024 suicide of an Indian Chartered Accountant and death due to heart attack of another one attributed to work pressure.<ref>{{Cite web |title=Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture' |url=https://www.bbc.com/news/articles/c0kjgp4jr5yo |access-date=2025-01-10 |website=www.bbc.com |date=24 September 2024 |language=en-GB}}</ref> This controversy also brought attention to Subrahmanyan's substantial remuneration in 2024, which amounted to ₹510,000,000 (approximately $6,000,000 in 2025), compared to L&T's median employee salary of ₹955,000 (approximately $11,000 in 2025).<ref>{{Cite web |last=Service |first=Express News |date=2024-06-11 |title=L&T CMD got Rs 51 crore salary in FY24, up 43% |url=https://www.newindianexpress.com/business/2024/Jun/11/lt-cmd-got-rs-51-crore-salary-in-fy24-up-43 |access-date=2025-01-10 |website=The New Indian Express |language=en}}</ref> | |||
Prominent figures such as [[Harsh Goenka]], [[Deepika Padukone]], [[Anand Mahindra]], [[Anupam Mittal]] and [[Cyrus S. Poonawalla|Cyrus Poonawalla]] expressed their disapproval of Subrahmanyan's remarks on social media.<ref>{{Cite web |title='She Loves Staring At Me On Sundays': Adar Poonawalla Espouses Anand Mahindra, Takes A Swipe L&T Chairman SN Subrahmanyan In The 90-Hour Debate |url=https://www.freepressjournal.in/business/she-loves-staring-at-me-on-sundays-adar-poonawalla-espouses-anand-mahindra-takes-a-swipe-lt-chairman-sn-subrahmanyan-in-the-90-hour-debate |access-date=2025-01-12 |website=Free Press Journal |language=en}}</ref><ref>{{Cite web |date=2025-01-11 |title=Love staring at my wife: Anand Mahindra's cheeky reply to 90-hour work week debate |url=https://www.indiatoday.in/india/story/anand-mahindra-lt-chief-sn-subrahmanyan-work-week-row-work-life-balance-narayana-murthy-2663431-2025-01-11 |access-date=2025-01-12 |website=India Today |language=en}}</ref><ref>{{Cite web |date=2025-01-10 |title='Rename Sunday to Sun-duty': Harsh Goenka slams L&T chairman's 90-hour workweek remark; Deepika Padukone says it's 'shocking' |url=https://indianexpress.com/article/trending/trending-in-india/rename-sunday-to-sun-duty-harsh-goenka-slam-larsen-and-toubro-chairman-90-hour-workweek-remark-9770894/ |access-date=2025-01-10 |website=The Indian Express |language=en}}</ref><ref name=":32" /> A spokesperson for Larsen & Toubro defended his statements, describing them as a call for collective dedication and effort to drive progress and achieve the shared vision of [[India]], emphasizing that extraordinary outcomes demand extraordinary effort.<ref name=":23">{{Cite news |last=Srivastava |first=Soumya |date=Jan 9, 2025 |title=Deepika Padukone calls out L&T chairman for wanting employees to work everyday: 'Shocking to see such…' |url=https://www.hindustantimes.com/entertainment/bollywood/deepika-padukone-calls-out-l-t-chairman-for-wanting-employees-to-work-everyday-shocking-to-see-such-101736428209798.html |work=[[Hindustan Times]]}}</ref> | |||
==See also== | ==See also== | ||
{{Portal bar|Companies|India}} | |||
* [[List of companies of India]] | * [[List of companies of India]] | ||
* [[Jakson Group]] | |||
* [[Bharat Heavy Electricals Limited]] | |||
* [[Engineers India]] | |||
* [[Walchandnagar Industries]] | |||
* [[List of oilfield service companies]] | * [[List of oilfield service companies]] | ||
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==External links== | ==External links== | ||
{{commons category}} | |||
* {{official website}} | * {{official website}} | ||
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[[Category:Indian companies established in 1946]] | [[Category:Indian companies established in 1946]] | ||
[[Category:Controversies in India]] | |||
[[Category:Multinational companies headquartered in India]] | |||
Latest revision as of 21:03, 23 February 2026
 | |
 L&T office in Manapakkam, Chennai with core sector divisions | |
| Traded as |
|
|---|---|
| ISIN | Template:ISIN |
| Industry | Conglomerate |
| Founded | 7 February 1946[1] Bombay, Bombay Presidency, British India (present-day Mumbai, Maharashtra, India) |
| Founder(s)s | |
| Headquarters | L&T House, Ballard Estate, Mumbai, Maharashtra , India[2] |
Area served | Worldwide |
Key people |
|
| Products |
|
| Services | |
| Revenue |  ₹259,859 crore (US$36 billion)[3] (2025) |
| ₹23,104 crore (US$3.2 billion)[3] (2025) | |
| ₹17,687 crore (US$2.5 billion)[3] (2025) | |
| Total assets | ₹379,524 crore (US$53 billion)[3] (2025) |
| Total equity | ₹115,404 crore (US$16 billion)[3] (2025) |
Number of employees | 407,438 (including 348,094 workmen)[4] (2024) |
| Divisions |
|
| Subsidiaries |
|
| Website | www |
Larsen & Toubro Limited (L&T) is an Indian multinational conglomerate headquartered in Mumbai. It operates in sectors including industrial technology, heavy industry, engineering, construction, manufacturing, power, information technology, defence, and financial services.
L&T was founded in 1938 in Bombay by Danish engineers Henning Holck-Larsen and Søren Kristian Toubro.[5][6] As of 31 March 2022, the L&T Group consisted of 93 subsidiaries, 5 associate companies, 27 joint ventures, and 35 joint operations.[7] As of 1 October 2023, S N Subrahmanyan serves as the chairman and managing director of L&T, having succeeded A M Naik.[8]
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History[edit | edit source]
L&T's notable construction projects
Henning Holck-Larsen and Søren Kristian Toubro were in India to represent the interests of the Danish dairy equipment manufacturer FLSmidth when they founded L&T through an oral agreement in 1938. The company was legally incorporated in 1946.[6]
The start of World War II in 1939 and the resulting blockade of trade, led Larsen and Toubro to undertake jobs and provide service facilities. The German invasion of Denmark in April 1940 stopped supplies of Danish products. The war-time need to repair, refit, and degauss ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd, to handle these operations. L&T also started to repair and fabricate ships. The internment of German engineers in India who were to construct a soda ash plant for the Tata Group gave L&T a chance to enter the field of installation.[9]
In 1946, they incorporated Engineering Construction & Contracts Ltd. (ECC) to focus on construction projects. ECC now exists as the construction division of L&T.[6] By 1947, the company represented the manufacturers of equipment used to manufacture products such as hydrogenated oils, biscuits, soaps and glass. In 1947, the company signed an agreement with Caterpillar Tractor Company to market earth moving equipment. At the end of the war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the finances required were beyond the capacity of the partners. This prompted them to raise additional equity capital, and on 7 February 1946, Larsen & Toubro Private Limited was incorporated.[9]
In 1947, the firm set up offices in Calcutta and Madras and New Delhi. In 1948, 22 hectares (55 acres) of undeveloped marsh and jungle was acquired in Powai, Mumbai. In December 1950, L&T became a public company with a paid-up capital of ₹20 lakh (US$28,000). The sales turnover in that year was ₹1.09 crore (US$150,000). In 1956, a major part of the company's Bombay office moved to ICI House in Ballard Estate, which would later be purchased by the company and renamed as L&T House, its present headquarters.[9]
During the 1960s, ventures included the Utkal Machinery Limited (UTMAL, set up in 1960), Audco India Limited (1961), Eutectic Welding Alloys (1962) and Tractor Engineers Limited (TENGL, 1963).[9]
In 1965, the firm had been chosen as a partner for building nuclear reactors. Dr. Homi Bhabha, chairman of the Atomic Energy Commission had approached L&T in the 1950s to fabricate critical components for nuclear reactors.
During the 1970s, L&T was contracted to work with Indian Space Research Organisation (ISRO). Chairman Vikram Sarabhai chose L&T as manufacturing partner.[10]
In 1976, ECC bid for a large airport project in Abu Dhabi. ECC's balance sheet, however, did not meet the bid's financial qualification requirement. So it was merged into L&T. ECC was eventually rechristened L&T Construction and now accounts for the largest slice of the group's annual revenue.[11]
In 1985, L&T entered into a partnership with the Defence Research and Development Organisation (DRDO). L&T was not yet allowed by the government to manufacture defence equipment but was permitted to participate in design and development programmes with DRDO. After the design and development was done, the firm had to hand over all the drawings to DRDO. The Indian government would then assign the production work to a public sector defence unit or ordnance factory for manufacture. The firm currently makes a range of weapon and missile systems, command and control systems, engineering systems, and submarines through DRDO.[10] Larsen & Toubro established a financial services subsidiary called L&T Finance in November 1994.[12]
In 2015, the company began developing commercial, retail and office space around the Hyderabad Metro Rail project.[13] In June 2019, the company acquired a controlling stake in IT services company Mindtree.[14] In 2022, L&T purchased the whole ownership stake that was held by Chiyoda Corporation, a Japanese engineering company, in their joint venture, L&T-Chiyoda, which was formed in 1994.[15]
As of 2024, L&T is India's largest private-sector defence manufacturing company by revenue.[16] The company is also in the process of expanding its space business, which includes manufacturing space launch vehicles and satellites, as of 2024.[16] L&T is the production partner for the DRDO designed Zorawar light tank, a prototype for which was unveiled in 2024.[17][18]
In January 2025, the Ministry of Defence rejected the joint bid by L&T and Navantia, a Spanish shipbuilding company, for the Indian Navy's Project-75(I) submarine program for technical reasons.[19] L&T, in a consortium with Hindustan Aeronautics Limited, is also manufacturing the first privately built variant of the Polar Satellite Launch Vehicle (PSLV), designated PSLV-XL N1, which is scheduled to launch in 2025.[16][20]
In March 2025, L&T was awarded an order from QatarEnergy LNG, a Qatari liquefied gas company, for the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes for the North Field Production Sustainability Offshore Compression Project.[21] The order, worth US$4 billion, is the largest order in L&T's history.[21]
Major subsidiaries[edit | edit source]
Construction[edit | edit source]
- L&T Construction
- L&T Metro Rail Hyderabad
- L&T Realty
EPC Projects[edit | edit source]
- L&T Valves
- L&T Energy Hydrocarbon
- L&T CarbonLite-Solutions(previously Power)
Technology[edit | edit source]
Manufacturing[edit | edit source]
- L&T Heavy Engineering
- L&T Precision Engineering and Systems
- L&T Shipbuilding
- L&T Rubber Processing Machinery
Financial services[edit | edit source]
- L&T Finance
Digital[edit | edit source]
Other subsidiaries and joint ventures[edit | edit source]
As of 31 March 2022, L&T has 93 subsidiaries, 5 associate companies, 27 joint ventures and 35 joint operations.[24]
- L&T – Construction Equipment Limited: having its registered office at Mumbai, India and focusing on construction equipment and mining equipment, L&T-Komatsu Limited[25] was a joint-venture of Larsen and Toubro, and Komatsu Asia Pacific Pte Limited, Singapore, a wholly owned subsidiary of Komatsu Limited, Japan. Komatsu is the world's second largest manufacturer of hydraulic excavators and has manufacturing and marketing facilities.[26] The plant was started in 1975 by L&T to manufacture hydraulic excavators for the first time in India. In 1998, it became a joint-venture. The Bengaluru works comprise machinery and hydraulics works, with a manufacturing facility for design, manufacture, and servicing of earth moving equipment. In April 2013, L&T bought the 50% stake held by Komatsu Asia & Pacific. The company's name was changed to L&T Construction Equipment Limited.[27][28]
- L&T jointly with Qatari company Al Balagh group were the main contractors for the Al Rayyan stadium, where the 2022 FIFA World Cup was held.[29]
- A partnership between L&T Finance and Sonalika Group farm equipment maker International Tractors Ltd in April 2014 provided credit and financing to customers of Sonalika Group in India.[30]
- L&T Special Steels and Heavy Forgings Pvt Ltd. is a joint venture between L&T and the Nuclear Power Corporation of India (NPCIL), headquartered at Hazira. It is the largest integrated steel plant and heavy forging unit in India, capable of producing forgings weighing 120 MT each. LTSSHF currently is engaged in projects from the nuclear, hydrocarbon, power and oil and gas sectors.[31]
- L&T-Sargent & Lundy Limited (L&T-S&L), established in 1995, is an engineering and consultancy firm in the power sector, formed by L&T and Sargent & Lundy L.L.C. - USA, a global consulting firm in the power industry since 1891.[32][33]
- SA & Alstom Projects India.[34] A joint venture between L&T and Alstom, a French rolling stock manufacturing company, that works on metro rail projects.[34][35]
- L&T MBDA Missile Systems.[36] Founded in 2017, L&T MBDA Missile Systems is a joint venture between L&T and European missile company, MBDA.[37] Owned 51% by L&T and 49% by MBDA, the joint venture was formed to produce and supply missiles and missile systems to the Indian Armed Forces.[38]
Divestments[edit | edit source]
L&T has across the decades exited from several businesses. These include:
Cement[edit | edit source]
L&T sold its 16.5 million tonne/per year capacity cement division to UltraTech Cement and also divested its 8.5% stake in A V Birla group company Grasim Industries in 2004.[39]
L&T-John Deere[edit | edit source]
In 1992, L&T established a 50-50 joint venture with John Deere to manufacture tractors in India, called L&T - John Deere. L&T sold their interest to John Deere in 2005.[40]
L&T Case[edit | edit source]
In 1992, L&T established L&T-Case Construction with CNH Global as a 50-50 joint venture to build backhoes. In 2011, L&T sold its share to CNH, and the company was renamed Case New Holland Construction Equipment India.[41]
L&T Medical Equipment and Systems[edit | edit source]
In 1987, L&T launched the L&T Medical Equipment & Systems division.[42] In November 2012, it was sold to Skanray Technologies Pvt Ltd.[43] It manufactures surgical robots, MRI, X-ray, DR Imaging etc.
EWAC Alloys Limited[edit | edit source]
EWAC Alloys Limited was a wholly owned subsidiary of L&T. The company was engaged in design & development, manufacture and supply of special welding electrodes, gas brazing rods and fluxes, welding torches and accessories, atomised metal powder alloys, flux cored continuous wires & wire feeders, polymer compounds & wear-resistant plates.
Prof Wasserman, founder of Eutectic Castolin, and Henning Hock Larsen, founder of L&T, founded the Eutectic Division in India in the year 1962. Eutectic Castolin was later merged into the Messer Group of companies, Germany and referred as Messer Eutectic Castolin (MEC). In 2010, L&T, bought the entire stake from Messer to become the wholly owned subsidiary of it. The current headquarters is in Ankleshwar, Gujarat (India), and the products are sold under the name EWAC.
L&T sold its entire stake in unlisted subsidiary EWAC Alloys to UK-registered ESAB Holdings for a total consideration of Rs 522 crore. The share purchase agreement has been executed on 11 October 2017.[44] The acquirer ESAB offers products for welding and cutting process. In 2012, ESAB was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US.
Petroleum Dispensing Pump (PDP)[edit | edit source]
In November 2009, Larsen and Toubro (L&T) sold its petroleum dispensing pump (PDP) business to Gilbarco Veeder-Root, a US-based payments systems company, for around Rs 150 crore. Gilbarco has signed a definitive purchase agreement to acquire the business. With the completion of acquisition, L&T's PDP business will become part of a new division called Gilbarco Veeder-Root India Pvt Ltd.[45]
L&T Kobelco Machinery Private Limited[edit | edit source]
This was a joint venture of L&T and Kobe Steel of Japan, to manufacture internal mixers and twin screw roller-head extruder's for the tyre industry. L&T sold its entire 51% stake in L&T Kobelco Machinery Private to its joint venture partner in the company, Kobe Steel of Japan, for Rs 43.5 crore.[46]
L&T Electrical and Automation Ltd.[edit | edit source]
L&T was an international manufacturer of electrical and electronic products and systems. The company manufactured custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.[47] In the electronic segment, L&T offered a range of metres and provides control automation systems for industries. In May 2018, the firm signed a definitive agreement with Schneider Electric for the strategic divestment of its electrical and automation (E&A) business in an all-cash deal of ₹14,000 crore.[48] The deal was completed on 31 August 2020 after receiving the requisite regulatory approvals. L&T has said that its exit from the electrical and automation business is a part of its strategic portfolio review process.[49]
L&T Mutual Fund[edit | edit source]
L&T Mutual Fund was the mutual fund company of the L&T Group. Its average assets under management (AUM) as of May 2019 is ₹ 73,936.68 crore.[50] On November 26, 2022, L&T Mutual Fund was sold to HSBC.[51]
L&T Infrastructure Development Projects Limited[edit | edit source]
Larsen & Toubro, signed an agreement to divest its stake in L&T IDPL to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives in December 2022. The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals.[52]
[edit | edit source]
The equity shares of the company are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The company's shares constitute a part of the BSE SENSEX of the BSE as well as the NIFTY 50 index of the NSE.[53] Its global depository receipts (GDR) are listed on the Luxembourg Stock Exchange and London Stock Exchange.[53]
[edit | edit source]
Shareholders as of 31 December 2022[54]
| Category | No. of Shares | % |
|---|---|---|
| Financial Institutions | 21,28,76,252 | 15.15 |
| Foreign Portfolio Investors | 32,30,70,981 | 22.99 |
| Shares underlying GDRs | 1,85,26,770 | 1.32 |
| Mutual Funds | 24,49,70,289 | 17.43 |
| Bodies Corporate | 1,51,76,276 | 1.08 |
| Qualified Institutional Buyer | 8,85,65,413 | 6.30 |
| Directors & Relatives | 17,84,815 | 0.13 |
| L&T Employees Trust | 19,25,58,158 | 13.70 |
| Others | 30,78,35,173 | 21.90 |
| TOTAL | 1,40,53,64,127 | 100.00 |
Employees[edit | edit source]
As on 31 March 2022, the company had 45,615 permanent employees, out of which 2,997 were women and 48 employees with disabilities. At the same period company had 200,062 workers on contract basis.[55]
Awards and recognition[edit | edit source]
- L&T ranked 2nd in Top 25 EPC Contractors 2022 in the Middle East List by Oil & Gas Middle East[56]
- L&T ranked 4th in the 2021 LinkedIn Top Companies list, India[57]
- In 2021, L&T won the Innovation in Onboarding at the OLX People HR Excellence awards by The Economic Times HRWorld[58]
- L&T Hydrocarbon won the Federation of Indian Petroleum Industry (FIPI) ‘Engineering Procurement Construction (EPC) - Company of the Year’ Award for 2020[59]
- In 1997, the Bengaluru Works division was awarded the "Best of all" Rajiv Gandhi National Quality Award[60]
- In 2013, L&T Power received 'Golden Peacock National Quality Award – 2012' at the 23rd World Congress on 'Leadership & Quality of Governance'.[61][62]
- L&T ranked at No.22 among World's Best Employers and No.1 in India by Forbes for 2018.
Industry collaboration[edit | edit source]
An agreement has been signed by Nibe Space, a division of Nibe Defence and Aerospace on 9 September 2024, with Larsen & Toubro, Skyroot Aerospace, Centum Electronics, AgniKul Cosmos, SpaceFields, Sisir Radar and CYRAN AI Solutions for the launch of India's first constellation of multi-sensor, all-weather, high-revisit Earth observation satellites.[63]
Controversy[edit | edit source]
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In January 2025, an undated video of Subrahmanyan's New Year address sparked widespread controversy online. In the video, an employee is heard asking why Larsen & Toubro, one of India's largest conglomerates, requires employees to work on Saturdays. In response, Subrahmanyan expressed remorse not being able to make employees work on Sundays, stating it would make him happier since he himself works on Sundays.[64] He further questioned that what do employees do "sitting at home" and how long could spouses stare at each other, suggesting that employees should "Get to the office and start working" on Sundays instead.[65][66] Shortly after the video went viral, Meena Subrahmanyan, his wife, became the target of widespread trolling on social media due to her husband's remarks.[67]
Subrahmanyan justified this stance by citing a conversation with a Chinese individual who claimed that China's longer work hours could enable them to surpass the United States.[64] He subsequently endorsed a 90-hour workweek for employees, adding that such effort was necessary for achieving success.[64] However, his statements were contradicted by a 2021 United Nations report, which highlighted the detrimental effects of excessive work hours on mental and physical health.[68]
The remarks reignited concerns about toxic work environments in India, especially following the 2024 suicide of an Indian Chartered Accountant and death due to heart attack of another one attributed to work pressure.[69] This controversy also brought attention to Subrahmanyan's substantial remuneration in 2024, which amounted to ₹510,000,000 (approximately $6,000,000 in 2025), compared to L&T's median employee salary of ₹955,000 (approximately $11,000 in 2025).[70]
Prominent figures such as Harsh Goenka, Deepika Padukone, Anand Mahindra, Anupam Mittal and Cyrus Poonawalla expressed their disapproval of Subrahmanyan's remarks on social media.[71][72][73][66] A spokesperson for Larsen & Toubro defended his statements, describing them as a call for collective dedication and effort to drive progress and achieve the shared vision of India, emphasizing that extraordinary outcomes demand extraordinary effort.[74]
See also[edit | edit source]
- List of companies of India
- Jakson Group
- Bharat Heavy Electricals Limited
- Engineers India
- Walchandnagar Industries
- List of oilfield service companies
References[edit | edit source]
- ↑ "incorporated on 07th February, 1946". www.larsentoubro.com. Retrieved 11 February 2022.
- ↑ "Contact L&T". www.larsentoubro.com. Archived from the original on 12 February 2017. Retrieved 11 February 2017.
- ↑ 3.0 3.1 3.2 3.3 3.4 "Larsen & Toubro Consolidated Profit & Loss account, Larsen & Toubro Financial Statement & Accounts" (PDF). www.bseindia.com. Retrieved 8 May 2024.
- ↑ "Larsen & Toubro Annual Report Fiscal Year 2024 Results". larsentoubro.com. Larsen & Toubro. 26 June 2024. Retrieved 26 June 2024.
- ↑ Shah, Shashank (18 February 2014). "Stakeholders Management in the Indian Construction Industry: Insights into the Approach at Larsen & Toubro's Construction Division". Journal of Values Based Leadership. 7 (1). Archived from the original on 23 May 2014. Retrieved 11 June 2014.
- ↑ 6.0 6.1 6.2 "Larsen & Toubro (L&T) | Who we are". L&T Construction. Retrieved 16 January 2024.
- ↑ "Check out the larsen toubro ltd Management Discussions | Live stock/Share Prices at indiainfoline.com". indiainfoline.com. Retrieved 1 April 2023.
- ↑ "SN Subrahmanyan named L&T CMD, AM Naik steps down". The Economic Times. 11 May 2023. Retrieved 1 December 2023.
- ↑ 9.0 9.1 9.2 9.3 "Larsen & Toubro – Hydrocarbon Upstream". Archived from the original on 7 May 2013. Retrieved 21 June 2012.
- ↑ 10.0 10.1 Merchant, Minhaz (2017). The nationalist : how A.M. Naik overcame great odds to transform Larsen & Toubro into a global powerhouse. Noida, Uttar Pradesh, India. p. 54. ISBN 978-93-5277-288-9. OCLC 1021061261.
{{cite book}}: CS1 maint: location missing publisher (link) - ↑ Merchant, Minhaz (2017). The nationalist : how A.M. Naik overcame great odds to transform Larsen & Toubro into a global powerhouse. Noida, Uttar Pradesh, India. pp. 53, 55. ISBN 978-93-5277-288-9. OCLC 1021061261.
{{cite book}}: CS1 maint: location missing publisher (link) - ↑ "Overview". Larsen&Toubro. Archived from the original on 26 August 2011. Retrieved 10 August 2011.
- ↑ V. Rishi Kumar (7 September 2015). "L&T Hyderabad Metro wins infrastructure award". The Hindu Business Line.
- ↑ "Mindtree erases gains to settle in the red". The Economic Times. 26 June 2019. Archived from the original on 26 June 2019. Retrieved 26 June 2019.
- ↑ "Larsen and Toubro buys out partners stake in three-decade old joint venture for Rs 75 crore". CNBC TV18. 22 November 2022. Retrieved 13 May 2025.
- ↑ 16.0 16.1 16.2 Bhattacharjee, Nivedita (7 March 2025). "L&T bets on space exploration as India expands private rocket and satellite industry". Reuters. Retrieved 24 March 2025.
- ↑ "Indian light tank Zorawar begins trials, expected to be ready for user tests by April". The Economic Times. 12 January 2024. ISSN 0013-0389. Retrieved 13 May 2025.
- ↑ Peri, Dinakar (6 July 2024). "India unveils light tank Zorawar". The Hindu. ISSN 0971-751X. Retrieved 13 May 2025.
- ↑ Parashar, Kiran (24 January 2025). "L&T-Navantia out, Mazagon-Thyssenkrupp likely to land Rs 70,000-crore submarine deal". The Indian Express. Retrieved 13 May 2025.
- ↑ "First privately made PSLV likely to see launch by year-end as private participation in India's space sector gains traction". The Indian Express. 19 September 2024. Retrieved 28 March 2025.
- ↑ 21.0 21.1 Pillay, Amritha (26 March 2025). "L&T's biggest ever: Bags contract worth over $4 bn from QatarEnergy". Business Standard. Retrieved 13 May 2025.
- ↑ "Larsen and Toubro launches L&T SuFin to empower MSMEs". The Economic Times. 7 March 2022. Retrieved 1 December 2023.
- ↑ "L&T forays into EdTech space, launches learning app". Indian Express. 16 October 2021. Retrieved 12 January 2024.
- ↑ "Stock Share Price | Get Quote | BSE". www.bseindia.com. Retrieved 18 April 2023.
- ↑ "L&T Komatsu Ltd". Komatsu Limited. Archived from the original on 28 September 2011. Retrieved 10 August 2011.
- ↑ Komatsu Limited
- ↑ "Change name". Larsen&Toubro. Archived from the original on 6 June 2013. Retrieved 10 June 2013.
- ↑ "L&T to buy out Komatsu subsidiary in joint venture". Economic Times. 13 April 2013. Archived from the original on 10 July 2013. Retrieved 13 April 2013.
- ↑ "Indian firm L&T named main contractors for 2022 FIFA WC stadium". Business Standard India. 7 June 2016. Retrieved 15 July 2020.
- ↑ "International Tractors Ltd signs pact with L&T Finance for vehicle loans". The Economic Times. The Economic Times of India. Archived from the original on 11 May 2014. Retrieved 22 April 2014.
- ↑ "Archived copy" (PDF). Archived from the original (PDF) on 28 December 2014. Retrieved 28 December 2014.
{{cite web}}: CS1 maint: archived copy as title (link) - ↑ "L&T-Sargent & Lundy Ltd - Company Profile and News". Bloomberg.com. Retrieved 26 September 2020.
- ↑ "Premier Engineering & Consultancy firm in the Power Sector - L&T-Sargent & Lundy". www.lntsnl.com. Archived from the original on 25 March 2018. Retrieved 24 March 2018.
- ↑ 34.0 34.1 "L&T-Alstom JV wins Chennai Metro track work project". Business Standard. 20 January 2013. Retrieved 13 May 2025.
- ↑ "15 Indian companies, MNCs on the job". The New Indian Express. 28 May 2013. Retrieved 13 May 2025.
- ↑ Sen, Amiti (5 May 2019). "L&T MBDA, Tata Power defence proposals get SEZ board approval". The Hindu Business Line. Retrieved 25 March 2025.
- ↑ "Larsen & Toubro, MBDA ink deal to develop missiles for Indian armed forces". Financial Express. 14 February 2017. Retrieved 25 March 2025.
- ↑ "About Us: Overview". L&T MBDA Missile Systems. Retrieved 25 March 2025.
- ↑ "L&T cement business demerger comes into effect". The Times of India. 14 May 2004. Retrieved 14 July 2020.
- ↑ "L&T India - Error Page". www.larsentoubro.com. Archived from the original on 19 March 2018. Retrieved 15 June 2017.
- ↑ "L&T divests stake in L&T-Case JV". Construction Week India. 31 March 2011. Retrieved 14 July 2020.
- ↑ "L&T to sell medical equipment biz". @businessline. 16 November 2012. Retrieved 10 July 2020.
- ↑ "L&T sells medical equipment biz to Skanray Healthcare". The Financial Express. 17 November 2012. Retrieved 10 July 2020.
- ↑ "Larsen and Toubro sells EWAC Alloys for Rs 522 cr to UK's ESAB". The Financial Express. 12 October 2017. Retrieved 10 July 2020.
- ↑ "L&T sells fuel dispenser biz to US firm for Rs 150 crore".
- ↑ Prasad, Rachita. "L&T sells 51% stake in JV to partner Kobe Steel for Rs 43.5 crore - The Economic Times". The Economic Times. Retrieved 15 July 2020.
- ↑ "Larsen & Toubro Limited". Rina.org.u. Archived from the original on 17 July 2011. Retrieved 16 July 2010.
- ↑ "L&T to divest automation division in Rs 14,000 crore deal - The Economic Times". The Economic Times. Retrieved 14 July 2020.
- ↑ Thomas, Tanya (31 August 2020). "L&T sells electrical, automation business to Schneider Electric for ₹14,000 cr". mint. Retrieved 8 September 2020.
- ↑ "Average AUM". Association of Mutual Funds in India. Archived from the original on 13 December 2013. Retrieved 8 December 2013.
- ↑ "Will L&T Mutual Fund's acquisition inject fresh life into HSBC India MF? Its co-CEO weighs in". Moneycontrol. 10 January 2023. Retrieved 27 April 2023.
- ↑ "Larsen & Toubro divests entire 51% stake in L&T Infrastructure Development Projects". Business Today. 19 December 2022. Retrieved 27 April 2023.
- ↑ 53.0 53.1 "Annual Report 2012-13" (PDF). L&T. Archived (PDF) from the original on 9 December 2013. Retrieved 3 December 2013.
- ↑ "L&T India | Downloads | Shareholding Pattern". investors.larsentoubro.com. Retrieved 5 April 2023.
- ↑ BSE India
- ↑ "Top 25 EPC Contractors 2022". Oil & Gas Middle East. 6 October 2022. Retrieved 6 October 2022.
- ↑ "Top Companies 2021: The 25 best workplaces to grow your career in India". www.linkedin.com. Retrieved 16 July 2021.
- ↑ "OLX People HR Excellence Awards". ETHRWorld.com. Retrieved 16 July 2021.
- ↑ "FIPI - Federation of Indian Petroleum Industry | www.fipi.org.in". www.fipi.org.in. Archived from the original on 16 July 2021. Retrieved 16 July 2021.
- ↑ Shrawan (29 May 2013). "Annex IV: List of Award Winners of Rajiv Gandhi National Quality Awards" (PDF). bis.org.in. New Delhi: Bureau of Indian Standards. Archived (PDF) from the original on 2 December 2014. Retrieved 15 May 2014.
- ↑ "National Quality Award (GPNQA)". goldenpeacockawards.com. 13 February 2013. Archived from the original on 9 November 2013. Retrieved 3 December 2013.
- ↑ "L&T Power Wins 'Golden Peacock National Quality Award'" (PDF). L&T. 13 February 2013. Archived (PDF) from the original on 6 December 2013. Retrieved 3 December 2013.
- ↑ Shukla, Ajai (11 September 2024). "Nibe shoots for stars with Earth observation satellite constellation". Business Standard. Retrieved 18 September 2024.
- ↑ 64.0 64.1 64.2 PTI (9 January 2025). "'How long can you stare at wife?': L&T chairman Subrahmanyan suggests 90-hour work week". The Hindu. ISSN 0971-751X. Retrieved 10 January 2025.
- ↑ ""What Do You Do Sitting At Home": L&T Chairman Suggests Working Sundays". www.ndtv.com. Retrieved 10 January 2025.
- ↑ 66.0 66.1 "Anupam Mittal's Humorous Take On L&T Chief's 'Stare at Wife' Remark: "But Sir, If..."". www.ndtv.com. Retrieved 12 January 2025.
- ↑ "Meena Subrahmanyan, Wife Of L&T Chief SN Subrahmanyan, Gets The Heat From Netizens For Latter's 90-Hour Workweek Remark". Retrieved 10 January 2025.
- ↑ Panwar, Sanya (10 January 2025). "L&T chairman SN Subrahmanyan endorses '90-hour work week' but a UN report warns long working hours can kill you". Hindustan Times.
- ↑ "Anna Sebastian Perayil: Death of Indian employee sparks debate on 'toxic work culture'". www.bbc.com. 24 September 2024. Retrieved 10 January 2025.
- ↑ Service, Express News (11 June 2024). "L&T CMD got Rs 51 crore salary in FY24, up 43%". The New Indian Express. Retrieved 10 January 2025.
- ↑ "'She Loves Staring At Me On Sundays': Adar Poonawalla Espouses Anand Mahindra, Takes A Swipe L&T Chairman SN Subrahmanyan In The 90-Hour Debate". Free Press Journal. Retrieved 12 January 2025.
- ↑ "Love staring at my wife: Anand Mahindra's cheeky reply to 90-hour work week debate". India Today. 11 January 2025. Retrieved 12 January 2025.
- ↑ "'Rename Sunday to Sun-duty': Harsh Goenka slams L&T chairman's 90-hour workweek remark; Deepika Padukone says it's 'shocking'". The Indian Express. 10 January 2025. Retrieved 10 January 2025.
- ↑ Srivastava, Soumya (9 January 2025). "Deepika Padukone calls out L&T chairman for wanting employees to work everyday: 'Shocking to see such…'". Hindustan Times.
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