Larsen & Toubro, India’s largest engineering company is restructuring its businesses under nine empowered business verticals with separate boards. The exercise aims to tap opportunities in all L&T’s businesses. L&T operates in 152 businesses, including nuclear reactors, power generation equipment, airports, oil & gas pipelines, roads, computer software and financial services.

Each of the ‘independent companies’ (ICs) will be managed by separate boards with eight to nine members, each with a chairman, business head, three members from the business unit, three non-executive directors and a representative from L&T’s board. Though the nine ICs and their boards will not be legal entities, they will have independent management powers and freedom to make investment decisions. However, powers related to treasury management will vest only with the board of L&T. The nine operating companies are: Projects (including hydrocarbon), heavy engineering, machinery & industrial products, water, power equipment, infrastructure, metals & minerals and electrical T&D & automation products, mechanical engineering & industrial products. In addition, large subsidiaries like L&T Finance and L&T Infotech will also have independent boards of directors.

Earlier, L&T’s businesses and subsidiaries were aligned mainly under engineering & construction, electrical & electronics, machinery & industrial products, IT & engineering services, finance, HR and development, and financial services. Of these, the first was the major revenue earner.

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3630.60 -82.35 (-2.22%)
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