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L&T to incorporate subsidiary to focus on engineering services

23 Aug 2013 Evaluate

With an aim to further restructure its businesses, L&T is planning to form a subsidiary, L&T Technology Services to focus on engineering services. As per the plan, L&T by April 1, 2014, will transfer the major part of the engineering services within itself to the new entity.

Further, to counter the weak domestic economy, L&T is also sharpening its focus on international orders. In fiscal 2013, the company undertook Rs 12,000 crore worth of projects outside India. Furthermore, L&T expects to garner about Rs 25,000 crore from overseas business this year. However, on the domestic front, the company will be very selective about bidding for contracts.

Larsen & Toubro is the biggest legacy of two Danish Engineers, who built a world-class organization that is professionally managed and a leader in India's engineering and construction industry. It was the business of cement that brought the young Henning Holck-Larsen and S.K. Toubro into India.

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