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L&T to list its IT services unit by Dec

Larsen & Toubro

New Delhi:  Engineering and construction giant Larsen & Toubro (L&T) will list its IT services unit L&T Infotech by year-end.

The company will list its IT services unit L&T Infotech by December, Chairman AM Naik said in an interview to CNBC TV18.

The conglomerate will sell 10 per cent stake in the IT services and solutions provider, Naik said.

A wholly-owned subsidiary of company, L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing organisation in North America and Europe.

The clients of the unit include Chevron, Freescale, Hitachi, Sanyo and Lafarge, among others.

The company has been looking to exit non-core business for long.

Naik also said the company will look at listing other businesses, including its hydrocarbons and transmission and distribution units over the next few years.

L&T Hydrocarbon Engineering, also a wholly-owned subsidiary of the company, is dedicated to serving the oil and gas sector around the world and delivers turnkey engineering and construction solutions across the hydrocarbon spectrum — Upstream, Mid and Downstream and Pipelines.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 15 billion in revenue. It operates in over 30 countries worldwide.

The shares of the company were trading at Rs 1761.70, up 1.77 per cent on the BSE at about 1300 hours.

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