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S N Subrahmanyan, who is the Chief Executive Officer & Managing Director, has been re-designated as the Chairman and Managing Director of the company with effect from October 1, 2023, L&T said in an exchange filing.
The final assembly or top lid sectors of the cryostat, a key part of the world's largest nuclear fusion reactor being built in France, were dispatched on Tuesday from the company's Hazira manufacturing complex in Surat district in Gujarat.
Many captains of industry traded their impeccable suits for informal attire as they lined up outside polling booths, many of them located inside civic body-run schools.
Folk artist Teejan Bai, Guelleh, Naik and theatre actor Balwant Moreshwar Purandare will be honoured with Padma Vibhushan, former CAG V K Shunglu, former union minister Kariya Munda, Akali leader S S Dhindsa were named for Padma Bhushan, which will be conferred by President Ram Nath Kovind in March-April.
The 76-year-old Chairman who is set to retire about a month later plans to give away most of his assets to charity
Larsen & Toubro, which has for long wanted a bigger footprint in the Indian defence sector, has got cracking on its ambitious plans. The company today announced a 51:49 joint venture with Europe‘s MBDA Missile Systems with an eye on Rs. 10,000 revenues from the defence sector by 2021.
Besides, SBI Chairman Arundhati Bhattacharya, Larsen & Toubro Chairman A M Naik, ITC COO Sanjiv Puri, JSW Group CMD Sajjan Jindal and Hindustan Coca-cola CEO T Krishankumar will take part in the three-day event.
Senior company officials said acquisition will be done to gain control over new technologies rather than only for expanding revenue. The company's revenue has grown at a compounded rate of 23 percent per year over the past three years, they added.
As part of sharpening the business focus, Naik said the company has "identified select growth businesses in L&T's broad portfolio. These include IT, technology services, defence, smart world and water management.
The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers.
The IPO size of L&T Technology Services is estimated to be more than Rs 750 crore. It could go up to Rs 900-1,000 crore, sources said.
74-year-old Naik, who has been with Larsen and Toubro for 52 years, including about 18 years as its head after rising through ranks, said he knows everything "on the pulse" at L&T and things might not be as easy for his successor but he will ensure that the company remains in strong hands.
The Chairman explained that 70 percent revenue of the Group, which counts on the engineering, procurement and construction business as its flagship business, comes from the "risky" project side and hence, services can be of help in de-risking.
In a presentation to investors, L&T has listed the "increased road build-out by NHAI with current focus on EPC (engineering, procurement and construction) projects" as "opportunities".
A.M. Naik, the executive chairman of the 77-year old group, often viewed as a bellwether of the economy, said Prime Minister Narendra Modi's reform agenda had failed to boost business among its core engineering, construction and infrastructure customers.
Jalona will operate out of L&T Infotech's office in New Jersey, USA. His appointment adds thrust to L&T Infotech's plans to boost profitable growth and strengthen its presence in the Americas, Europe, GCC (Gulf Cooperation Council) countries and the Far East, the company said in a statement.
Amid a raging controversy over the draft IIM bill, government on Thursday said it was prepared by a committee headed by former chairman of IIM Trichy's board of governors M Damodaran and finalised after considering the observations and suggestions of the IIMs.
There has been number of attempts in the past for skill training but the implementation was not all that great and therefore though many companies adopted one or the other training institute, very little has been done, says AM Naik
Facing open criticism over the draft IIM bill that gives sweeping powers to the government in policy matters governing the prestigious B-schools, the HRD Ministry is considering doing away with some contentious clauses that may infringe on their autonomy.
In a long-awaited top management succession planning exercise, corporate giant Larsen and Toubro today appointed K Venkataraman as its CEO and Managing Director, while its current chief A M Naik would remain Executive Chairman for the next five years.
A joint venture of Larsen & Toubro and Mitsubishi Heavy Industries inaugurated the country’s first private sector facilities for the manufacture of supercritical boilers and turbine generators at Hazira, Surat.
