Larsen & Toubro

Larsen & Toubro Limited
Type Public
Traded as NSE: LT
BSE: 500510
Industry Conglomerate
Founded Mumbai, India (1938)
Founder(s) Henning Holck-Larsen
Søren Kristian Toubro
Headquarters Mumbai, Maharashtra, India
Area served Worldwide
Key people A. M. Naik (Chairman & MD)
Products Hydrocarbon, heavy engineering, construction, power, electrical & automation, machinery & industrial products, information technology, financial services, shipbuilding, railway projects
Revenue 52,089.14 crore (US$9.9 billion) (2011)[1]
Operating income 6,438.65 crore (US$1.22 billion) (2011)
Net income 4,456.17 crore (US$846.67 million) (2011)
Total assets US$ 15.760 billion (2010)
Employees 38,000 (2010)
Divisions Technology, engineering, construction, manufacturing
Subsidiaries Larsen & Toubro Infotech, L & T Mutual Fund, Larsen and Toubro Infrastructure Finance Company Limited
Website www.larsentoubro.com

Larsen & Toubro Limited (NSE: LT, BSE: 500510), or L&T, is an Indian multinational conglomerate headquartered in Mumbai, India.[2] The company has business interests in engineering, construction, manufacturing, information technology and financial services.

L&T is India's largest engineering and construction company,[3] with a dominant presence in India's infrastructure, power, hydrocarbon, machinery and railway related projects. In recent years, L&T has expanded its global presence and international projects contributed 9% of its overall order book for the 2010-11 period.[4][5]

Considered to be the "bellwether of India's engineering sector", L&T was recognized as the Company of the Year in 2010.[6] L&T has featured four times in Forbes Fab 50 list of the best public companies in the Asia-Pacific region.[7]

Contents

History

The company was founded in Mumbai in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro. The company began as a representative of Danish manufacturers of dairy equipment. However, with the start of the Second World War in 1939 and the resulting restriction on imports, the partners started a small workshop to undertake jobs and provide service facilities.

Germany's invasion of Denmark in 1940 stopped supplies of Danish products. The war-time need to repair and refit 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 two repair and fabrication shops signalling the expansion of the company.

The sudden internment of German engineers in India (due to suspicions caused by the War), who were to put up a soda ash plant for the Tatas, gave L&T a chance to enter the field of installation.

In 1944, ECC was incorporated by the partners; the company at this time was focused on construction projects (Presently, ECC is the construction division of L&T). L&T decided to build a portfolio of foreign collaborations. By 1945, the company represented British manufacturers of equipment used to manufacture products such as hydrogenated oils, biscuits, soaps and glass.

In 1945, the company signed an agreement with Caterpillar Tractor Company, USA, for marketing 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 born.

Post Independence

Independence and the subsequent demand for technology and expertise offered L&T the opportunity to consolidate and expand. Offices were set up in Kolkata (Calcutta), Chennai (Madras) and New Delhi. In 1948, fifty-five acres of undeveloped marsh and jungle was acquired in Powai, Mumbai. That uninhabitable swamp is presently its main manufacturing hub.

In December 1950, L&T became a public company with a paid-up capital of Rs.2 million. The sales turnover in that year was Rs.10.9 million. Notable orders executed by the Company during this period included the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant. With the successful completion of these jobs, L&T emerged as the largest erection contractor in the country.

In 1956, a major part of the company's Mumbai office moved to ICI House in Ballard Estate, Mumbai; which would later be purchased by the company and renamed as L&T House, its present Corporate Office. The sixties were also a decade of rapid growth for the company, and witnessed the formation of many new ventures: UTMAL (set up in 1960), Audco India Limited ( 1961), Eutectic Welding Alloys (1962) and TENGL (1963).

In 1976, Holck-Larsen was awarded the Magsaysay Award for International Understanding in recognition of his contribution to India's industrial development. He retired as Chairman in 1978.[8]

Operating Divisions

Engineering and Construction Projects

L&T’s engineering and construction track record consists of implementation of turnkey projects in major core and infrastructure sectors of the Indian industry.[9]

L&T has formed a joint venture with SapuraCrest Petroleum Berhad, Malaysia for providing services to offshore construction industry worldwide.[10] The joint venture will own and operate the LTS 3000, a Heavy Lift cum Pipelay Vessel. L&T has more than 38000 employees in India

L&T Power

L&T has set up an organization focused on opportunities in coal-based, gas-based and nuclear power projects.[11] This business provides turnkey solutions for setting up utility power plants as well as co-generation and captive power plants on an EPC basis. It also provides power plant engineering services through L&T Sargent & Lundy, a joint venture of L&T and Sargent & Lundy, USA. L&T has formed two joint ventures with Mitsubishi Heavy Industries, Japan to manufacture super critical boilers and steam turbine generators.[12] In 2008-09, significant progress was made in setting up manufacturing facilities for super critical boilers and turbines at Hazira, on India's west coast. L&T has also signed a technical collaboration with Clyde Bergemann for electrostatic precipitators, a crucial BOP item in coal based thermal power plants.

L&T Power offers turnkey solutions for large i.e. up to 1000 MW coal-based power plant projects based on supercritical standards and also offers the same capability in gas-based power plants.[13] Similarly, the firm has the capability of executing balance of plant packages for both subcritical and supercritical thermal projects on an EPC basis.[14]

Heavy engineering

L&T is claimed to be among the top five fabrication companies in the world.[15] The Heavy engineering division manufactures and supplies custom designed and engineered critical equipment and systems to the needs of core-sector industries and the defence sector. It is the preferred supplier of equipment for a select range of products, globally.[16]

L&T has a shipyard capable of constructing vessels of up to 150 metres long and displacement of 20000 tonnes[17] at its heavy engineering complex at Hazira. The shipyard is geared up to take up construction of niche vessels such as specialized Heavy lift Cargo Vessels, CNG carriers, Chemical tankers, defense & para military vessels and other role specific vessels.

Construction of specialized mid size vessels is being undertaken and capacity is being augmented by additional infrastructure such as ship lift system and additional outfitting workshops to extend the activities to ship repairs.

The focus will be on construction of commercial vessels, warships for the navy and the coast guard.[18]

Construction

ECC – Engineering, Construction & Contracts Division of L&T – is the major contributor of L&T's share market.[19] Currently, it is also listed as India’s largest construction organization.[20] L&T covers varied disciplines of construction – civil, mechanical, electrical and instrumentation.

The design wing of L&T ECC is called EDRC (Engineering Design and Research Centre). EDRC provides consultancy, design and total engineering solutions to customers. It carries out basic and detailed design for both residential and commercial projects.

L&T has expanded its focus to the Middle East, South East Asia, Russia, CIS, Mauritius, African and SAARC countries. It also has keen interest in the markets of Indian Ocean rim countries, Africa and Latin America.[21]

Electrical and electronics

L&T is an international manufacturer of a wide range of electrical and electronic products and systems. L&T also manufactures custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.[22] In the electronic segment, L&T offers a range of meters and provides control and automation systems for industries. Medical Equipment and Systems manufactured by L&T include Patient Monitoring Systems, ESU, Syringe Pumps, Defibrillators, Ventilators, Anesthesia machines.[23]

Information technology

Main article: Larsen & Toubro Infotech

L&T Infotech focuses on information technology and software services. Its clients include industry leaders like Marsh & McLennan, Standard Life, Travelers, Chevron, Freescale, Hitachi, Ingram Micro, Infineon, Sanyo, Lafarge, ABSA, P&G, Johnson and Johnson, CitiGroup, Barclays, eCORPUS, Marathon, Texas Instruments, Qualcomm, LG and Samsung among others.It offers services and solutions for the following industries: banking and financial services, insurance, energy and petrochemicals, manufacturing.

Larsen & Toubro Infotech Limited, a 100 per cent subsidiary of the L&T, offers software and services with a focus on Manufacturing, BFSI and Communications and Embedded Systems. It also provides services in the embedded intelligence and e Engineering space.

L&T Machinery & Industrial Products

L&T manufactures, markets and provides service support for critical construction and mining machinery – surface miners, hydraulic excavators, aggregate crushers, loader backhoes and vibratory compactors; supplies a wide range of rubber processing machinery and injection moulding machines; and manufactures and markets industrial valves and allied products and a range of sophisticated application-engineered welding alloys.

This division provides solutions to :

  1. Construction & Mining Equipment
  2. Material Handling
  3. Crushing Systems & Equipment
  4. Hydraulic Equipment
  5. Valves
  6. Rubber Processing Machinery
  7. Plastics Processing MAchinery
  8. Paper Machinery
  9. Welding Products
  10. Castings
  11. Wind-mill Components
  12. Cutting Tools

Subsidiaries & Joint Ventures

L&T - Komatsu Limited

Having its registered office at Mumbai, India and focusing on construction equipment and mining equipment, L&T-Komatsu Limited[24] is a joint venture of Larsen and Toubro, India’s leading engineering, construction and technology major 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 worldwide.[25]

The plant was started in the year 1975 by L&T to manufacture Hydraulic Excavators for the first time in India. In 1998, it became a joint venture. L&T-Komatsu Limited’s manufacturing facility – The Bangalore Works – comprises Machinery Works and Hydraulics Works. Machinery Works has a modern manufacturing facility with ISO 9001:2008 accreditation for design, manufacture and servicing of earthmoving equipment. Hydraulics Works, with a precision machine shop, manufactures the complete range of high pressure hydraulic components and systems, and is ISO 9001:2000 certified for design, development, manufacturing and servicing of hydraulic pumps, motors, cylinders, turning joints, hose assemblies, valve blocks, hydraulic systems and power drives as well as allied gear boxes.

L&T Finance

Larsen & Toubro financial services Financial Services is a subsidiary which was incorporated as a Non Banking Finance company in November 1994.[26]

The subsidiary has a spectrum of financial products and services for corporate, construction equipments etc. L&T Finance was able to withstand the market dynamics and adapt as per that. This is a new division after the company declared its restructuring[27]

L & T Mutual Fund is the mutual fund company of the L & T group. This company provides Mutual Fund schemes for investors in India.

Larsen & Toubro Infrastructure Finance

Main article: Larsen and Toubro Infrastructure Finance Company Limited

Larsen and Toubro Infrastructure Finance Company Limited was set up as a 100% subsidiary of L&T. It commenced its business in January 2007 upon obtaining Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).

As of 31 March 2008, L&T Infrastructure Finance has approved financing of more than a billion USD to select projects in the infrastructure sector.

L&T Infrastructure Finance has received the status of "Infrastructure Finance Company" from the Reserve Bank of India within the overall classification of "Non-Banking Financial Company".

L&T – Integrated Engineering Services (IES)

L&T Integrated Engineering Services (L&T IES), a business unit of L&T, offers a combination of mechanical, electrical and electronic design (mechatronics/embedded systems), civil and architectural services. L&T IES has its design and delivery locations in Vadodara, Chennai, Bangalore, Mysore and Mumbai in India.

L&T IES services also encompass architectural, civil, structural design and building utility systems design. Practices include both product and plant engineering services in the automotive, trucks and off-highway vehicles, industrial products, off-shore and marine, oil and gas and consumer goods sectors. Emerging areas include aerospace, railways and power and consumer electronics.

L&T Valves

L&T’s Valves Business Group markets valves manufactured by L&T's Valve Manufacturing Unit and L&T's joint ventures, Audco India Limited, India and Larsen & Toubro (Jiangsu) Valve Company Limited, China, as well as allied products from major international manufacturers.

L&T's Valve Manufacturing Unit in Coimbatore manufactures industrial valves specifically for the Power Industry.

L&T sells value-added flow control solutions to oil and gas, refining, petrochemical, chemical and power industries.

L&T is a leading global supplier of industrial valves and customized solutions for major Refinery, LNG, GTL, Petrochemical and Power projects.

L&T Valves Business Group has offices in the USA, India and China, and strategic alliances with leading integrated valve distributors and agents in the major markets.

L&T Institute of Technology

Main article: L&T Institute of Technology

L&T Institute of Technology (LTIT) is a diploma polytechnic college in India. It is located in Powai, a suburb of Mumbai. It is run & managed by Larsen & Toubro, Affiliated to MSBTE and Approved by AICTE and offer courses leading to undergraduate (Bachelor) degrees in Engineering.

The Institute has its own building with over 5000 sq. mts. built up area. It accommodates a complete mechanical workshop, drawing hall, audio-visual room, library, administrative wing, laboratories, classrooms and also a playground...

Joint ventures

Awards and accolades

Restructuring

In January 2011, Mr. A.M Naik announced that the company will be restructured into nine virtual companies.[36] Each will be called an independent company, and will have a CEO, CFO and HR head, its own profit and loss account, and a board of directors with at least three independent directors. Each board will not have any legal or statutory standing,[37] but will merely advise management.This is similar in organization to the Mitsubishi Group with which L&T has close partnerships.

The nine virtual companies will operate in different segments,[38] The nine sectors for which companies are formed are:[39]

  1. Building and materials
  2. Civil Infrastructure
  3. Mechanical-Metal Handling and Supply of Equipment for steel industry
  4. Electric Power transmission and distribution
  5. Hydrocarbon and Chemicals
  6. Heavy Engineering Catering to defense and Aerospace
  7. Electrical Equipment and Automation Products
  8. Mechanical and Industrial Products
  9. Power Equipment and building Power Plants

CSR at L&T

Vision to Ensure Sustainability

Today companies understand that looking at the traditional profit and loss account and the balance sheet alone will not show the profitability or sustainability of a company. To sustain in today's extremely competitive world one will have to do much more . Keeping this in mind L&T has always ensured that sustainability was always an integral part of the company's policy making procedure.Sustainability ensures livability. No wonder , L&T had adopted cleaner construction practices way before issues of climate change gained prominence.L&T has also understood the need for satisfying the interest of all its stakeholders including its employees. Thus it makes sure to provide a stable work destination for its employees and also give them ample scope for professional and personal development.[40]

L&T is involved in a variety of programs for societal development and welfare for which it is internationally recognized and also appreciated. It has shown its deep commitment to a variety of issues ranging from AIDS awareness programs to environmental preservation programs to imparting education to children to organizing blood donation camps and so on . It has also taken great strides in promoting rural development and well-being in the field of health, hygiene and sanitation.[41]

CSR programs

Rehabilitation Programs

When Orissa and Bhutan were ravaged by a cyclone and when the earthquake struck the state of Gujarat L&T were among the first in the corporate world to join the rescue and relief efforts. L&T assisted the rescue efforts by providing technical help in the form of skilled engineers. It also redeployed machinery from its various construction sites to aid to the rescue measures.[42]

PRAYAS - 'Effort and Endeavor '

PRAYAS is a non governmental organization formed by the spouses of the employees in Chennai in 1996.PRAYAS in sanskrit means ' effort and endeavor ' . It is a beacon of hope to the many lesser blessed people of the society. It strives to work for the betterment of such people.Its strategy of working is such that it associates itself with other ngos who are working for various causes but are unable to do so because of inadequacy of resources. It provides financial help and also helps fulfilling specified requirements like providing services of various professionals.[43]

Painting Gallery

L&T also protects and fosters the wealth of our rich heritage and culture . It houses a splendid collection of 187 art works by master painter-artist-cartoonist D.G. Kulkarni.[44]

Construction Skills Training Institute

L&T helps secure the livelihood of many unemployed youth by providing them professional vocational training in the field of form work carpentry, masonry , plumbing, welding to allow them access to productive job opportunities.For its efforts in this regard it was awarded the 'Best Corporate Social Responsibility ' by the Bombay Stock Exchange (BSE).[45]

Recent CSR Activites

Awards and recognition

L&T won the 'Good Corporate Citizen Award 1994-95'by the Bombay Chamber of Commerce for its commitment for the development of the society.Its programs relating to women empowerment , AIDS prevention and control , also earned it a token of appreciation from the Federation of Indian Chamber of Commerce and Industry's Socio-Economic Development Foundation.[47] L&T also won the 'International Golden Peacock Award for Corporate Social Responsibility 'at the fourth Global Conference on Social Responsibility in Portugal on February 26, 2009.[48]

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External links

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