L & T targets Rs.2 lakh crore revenue by 2021
“India is at the cusp of a turnaround. All the indicators are positive. With a projected GDP growth of 7.4% in 2016-17, India is the fastest growing large economy in the world,” underlined Mr. A.M. Naik, the Group Executive Chairman of Larsen & Toubro Ltd. at the Company’s 71st AGM held in Mumbai on 28th August.
The opening up of the Defence sector will lead to business opportunities worth Rs.13 lakh crores over the next 10 years. The Nuclear Power sector is expected to grow significantly in the years ahead. The estimated opportunity from this sector over the next 10 years is up to Rs.50,000 crores.
India has launched satellites, orbited the moon and Mars, and is all set to become one of the world’s preferred commercial satellite launch service providers.
Our PM has announced an ambitious plan to make 100 cities in India into Smart Cities. Each of these cities will be endowed with a combination of smart infrastructure and IT-led operations. The outlay for this plan is expected to be huge.
It is estimated that by 2022, over 110 million homes will require to be built in urban as well as rural areas to house India’s rapidly growing population. In infrastructure – roads, ports, airports, railway corridors – there are over a thousand projects in the pipeline with an estimated total value of over Rs.14 lakh crores.
L & T has both the expertise and the track record to make the most of each of these opportunities. “Over the years, we have set benchmarks, only to surpass them ourselves,” reveals Mr. Naik.
L & T, Mr. Naik underlines, has always been aligned with the nation’s priorities, developing capabilities to meet India’s needs. “As the country surges forward with a focus on technology-led initiatives, the company is future ready,” he declares. In the coming years, digital levers on the profitability and growth will extend deeper into the organization, alter processes and yield dramatically superior outcomes. Leadership development is said to be a major focus area for the company.
The company has a unique 7-step leadership program designed to build a robust pipeline of future leaders. Other imperatives include managing portfolio risks and conducting a portfolio churn so as to transform the company into an asset-light organization. As an Indian multinational, L & T is currently engaged in technology, engineering, construction, manufacturing and financial services with a revenue of USD 16 billion. It operates in over 30 countries worldwide. The company is in the process of strengthening its operations in the Gulf, Africa and South East Asia. It is competing with the world’s best in those markets, ensuring that its projects and services are truly globally benchmarked. Mr. Naik concluded saying that L & T has been and is committed to be a partner in building a new, vibrant and resurgent India.
– P.K. Balasubbramaniian
