L&T to be split into nine firms: Report
India's top engineering and construction company, Larsen & Toubro, has started a restructuring plan to split the conglomerate into nine companies, the Economic Times reported on Wednesday.
January 05, 2011 / 10:41 IST
India's top engineering and construction company, Larsen & Toubro, has started a restructuring plan to split the conglomerate into nine companies, the Economic Times reported on Wednesday.
Each of the nine "independent companies" will manage its own profit and loss account and have a separate chief executive, chief financial officer and human resources head, the newspaper said, citing L&T Chairman AM Naik.Some of these companies could be spun out of L&T and listed on the stock markets before 2015, Naik told the paper.Power, hydrocarbon, machinery and product, switchgear, heavy engineering, infrastructure, building and factories, metals and minerals and electrical businesses make up the nine companies, the paper said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
