L&T to shed off non-core businesses, sets sights on defence orders

Optimistic about bagging at least one huge order in the defence space, Larsen & Toubro (L&T) may sell some of its non-core business. 
 
Speaking to the media during the 72nd Annual General Meeting, the company’s chairman, A M Naik, said, “We are redefining our core businesses. There are some businesses which are simple, small, some very competitive, and some where we lose money. So we have identified those and we hope at least 2-3 such businesses may find their rightful place elsewhere as part of much bigger companies.” 
 
He also added that the company has placed special emphasis on expanding its capabilities in design and manufacturing of defence equipments and informed the media that L&T has participated in four programmes, including landing platform docks, anti-submarine ships, survey vessels and deep sea diving vessels of the government, and hopes at least two would be bid out to them in FY18.
 
Meanwhile, the stock was trading up by 0.72% at Rs 748 per share on the BSE at 0938 hours. It opened at Rs 749.50 per share.