Saturday 9 July 2016

Larsen and Toubro wants to be 'number-one' in IT business: AM Naik

NEW DELHI: Ready to list Larsen and ToubroBSE -1.43 %'s 'second baby' in the stock market with over Rs 1,200 crore IPO of L&T Infotech, the conglomerate's Group Executive Chairman A M Naik today said his aim is to make this company "number one" as he has ensured in all other businesses of the group. He also said the immediate target for L&T Infotech, whose public offer will open on Monday, is to double its revenue to $ 2 billion (nearly Rs 13,500 crore) in next three years. 
L&T Infotech Ltd is the sixth largest Indian IT services player at present with revenue of $ 887 million and an employee base of over 20,000 people. The parent L&T, a conglomerate with presence in engineering, construction, infrastructure among other businesses, is already listed with a market cap of nearly Rs 1.5 trillion, while L&T Finance Holdings got listed over five years ago and commands a market cap of about Rs 14,000 crore. 

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