In the next eight years, Larsen & Toubro hopes to list at least eight of its wholly owned units in a bid to unlock shareholder value.
Highly placed sources revealed that among the first lot of subsidiaries to head towards the stock bourses are its infrastructure subsidiary L&T Infotech, which is growing at a compounded annual growth rate of 60% per annum.
According to the official, the listing of its infotech subsidiary could be as early as October 2007. It has set a target year of 2015, to list the eight subsidiaries.
Confirming the strategy, Y M Deosthalee, CFO and member of the board at L&T, told DNA Money: “Apart from L&T Infotech, which is slated to list by the year—end, the company is considering three more subsidiaries to list over the next three years.” The list also includes its financial subsidiary, Deosthalee indicated.
Read more in The DNA Money article.
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