Haldia Petrochemicals (HPL) today announced that it has acquired Larsen & Toubro's 51per cent stake in HPL Cogeneration (HPLCL), the joint venture for captive power supply with HPL, for an estimated Rs 180 crore.
The buy-out came at a time when the company was operating in adverse circumstances with the bottomline under great pressure. The 10-year joint venture produced 116 mw for HPL's operations. According to the initial agreement, HPL could buy out L&T's stake in 2020 at a suitable price. However, both parties decided to go ahead with a buy-out now.
Read more in The Business Standard article.
Showing posts with label Larsen and Tourbo. Show all posts
Showing posts with label Larsen and Tourbo. Show all posts
Wednesday, May 7, 2008
Wednesday, July 4, 2007
L&T to float five new companies
In a major restructuring exercise, Larsen & Toubro (L&T), the country’s largest engineering conglomerate, is setting up at least five new companies.
Chairman A M Naik told Business Standard the “verticalisation” effort is aimed at ensuring better corporate governance as well as attracting talent to the 70-year-old company.Each of these companies will have a CEO, a board, and finance and human resource management teams. L&T has also launched a global hunt for CEOs.
These CEOs will be a part of the group corporate management committee but would not get a berth on the L&T board. “We hope that some of the CEOs will eventually get into the main company’s board,” he said.
The companies will operate in L&T’s new business areas of power projects, boilers, turbines, water and shipbuilding. An exercise is on to identify other areas. The new structure will also open up opportunities for L&T insiders to move up the ladder.
Read more in The Business Standard article.
Chairman A M Naik told Business Standard the “verticalisation” effort is aimed at ensuring better corporate governance as well as attracting talent to the 70-year-old company.Each of these companies will have a CEO, a board, and finance and human resource management teams. L&T has also launched a global hunt for CEOs.
These CEOs will be a part of the group corporate management committee but would not get a berth on the L&T board. “We hope that some of the CEOs will eventually get into the main company’s board,” he said.
The companies will operate in L&T’s new business areas of power projects, boilers, turbines, water and shipbuilding. An exercise is on to identify other areas. The new structure will also open up opportunities for L&T insiders to move up the ladder.
Read more in The Business Standard article.
Thursday, April 12, 2007
L&T Info looking at buys to boost banking fin biz
L&T Infotech, the IT arm of the engineering major L&T, has drawn up an inorganic growth strategy to boost its revenues from the BFSI segment and foray into the lucrative telecom billing and services space.
The firm will look for targets that are $ 50 million or lesser in revenues, but the overall kitty for its acquisitions could swell up to $ 150 million.
BFSI is the largest vertical for all the IT services firms. However, it accounts only for about 25% of revenues for L&T Infotech. In BFSI, the company is especially keen on investment banking although it is open to other opportunities as well. Currently, manufacturing accounts for 50% of the firm’s revenues, and the telecom vertical for another 25%.
In December 2006, L&T Info had acquired the US-based GDA Technologies an electronics design firm with over 350 employees. Its current acquisition strategy will also be focused on the US, and Magapu said the company would prefer to acquire a firm without an India footprint because it could add value with its offshore presence.
The firm will look for targets that are $ 50 million or lesser in revenues, but the overall kitty for its acquisitions could swell up to $ 150 million.
BFSI is the largest vertical for all the IT services firms. However, it accounts only for about 25% of revenues for L&T Infotech. In BFSI, the company is especially keen on investment banking although it is open to other opportunities as well. Currently, manufacturing accounts for 50% of the firm’s revenues, and the telecom vertical for another 25%.
In December 2006, L&T Info had acquired the US-based GDA Technologies an electronics design firm with over 350 employees. Its current acquisition strategy will also be focused on the US, and Magapu said the company would prefer to acquire a firm without an India footprint because it could add value with its offshore presence.
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