Larsen & Toubro to monetize its non-core businesses
DSIJ Intelligence / 23 Aug 2017
Group Executive Chairman A M Naik of Larsen & Toubro, India’s largest engineering and construction company, addressed shareholders in his last AGM held on Tuesday.
Group Executive Chairman A M Naik of Larsen & Toubro, India’s largest engineering and construction company, addressed shareholders in his last AGM held on Tuesday. He will step down as chairman of the group but will continue as the company’s non-executive chairman from October 1, 2017. S N Subrahmanyan will succeed Naik and will act as MD and CEO of L&T.
Furthermore, L&T is considering monetizing its 2-3 non-core businesses as it focuses on getting a minimum of one large order in the defence segment. Naik stated that they are redefining their core business. “There are few businesses which are small, simple, some very competitive, and in some business, there is loss of money. We have identified those and hope for at least 2-3 such businesses to find their rightful place elsewhere as part of much bigger companies,” he said.
Commenting on the defence business, Naik said that the company aims to take its defence segment to Rs 10,000-15,000 crores in the next five years.
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