Eyes defence, nuclear power, smart cities and transport infra; Group executive chairman A M Naik to spell out company's plan at AGM today
With the Centre's emphasis on building infrastructure, engineering and construction major L&T plans to harness emerging opportunities in defence, nuclear power, smart cities while further consolidating its presence in transport and urban infrastructure and realty sectors.
In its annual report for 2016-17, the company said that is evaluating various options for disinvestment and restructuring of the road concessions business. As far as its financial services venture is concerned, L&T will focus on portfolio rationalisation, right-sizing of manpower and improvement in quality assets to enhance return on equity.
L&T group executive chairman A M Naik, who will enter into the non-executive role from October 1, will spell out company's strategy at the 72nd annual general meeting (AGM) today. It will be Naik's last AGM to chair in his capacity as the group executive chairman. S N Subrahmanyan has already taken over as the company CEO & MD from July 1.
The company, in its outlook, said the domestic economy is expected to steadily improve in the current year on the back of structural reforms and supportive monetary policy. It hopes to tap opportunities in the areas of transportation, augmentation of water resources, power, affordable housing and smart cities with the increased private sector participation.
In the annual report, L&T has hinted that defence will be a major focus area as the business expects large prospect in the coming years. The company's arm L&T Construction is equipped to offer EPC (engineering, procurement and construction) solutions for defence bases, underground facilities, niche technologies, security and surveillance and training technologies.
In transport infrastructure, L&T plans to participate in a slew of projects undertaken by the Indian Railways for track modernisation, new railway lines and supporting infrastructure. The company expects metro projects being planned in a number of metro and non-metro cities will provide a steady stream of growth opportunities.
Besides, it plans to exploit business potential in the areas of water storage and supply management, effluent treatment, sewage treatment, lift irrigation and inland waterways infrastructure. The company will bid for affordable housing, smart city infrastructure projects, and thereby assume the role of a Master System Integrator for the customer.
L&T also proposes to harness opportunities in the nuclear sector with the government's decision to give a much-needed push for the capacity addition of 7,000 megawatt through indigenously-manufactured pressurized heavy water reactors (PHWRs). In the field of power transmission and distribution, the company proposes to take part in the contracts for strengthening gird infrastructure at both central and state levels.
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