L&T set to list IT services unit by Dec; scrip up 2%
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 <g data-gr-id="70">company</g>, L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing <g data-gr-id="71">organisation</g> 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 <g data-gr-id="40">non-core</g> 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 $15 billion in revenue. It operates in over 30 countries worldwide.
Meanwhile, shares of Larsen & Toubro gained almost 2 <g data-gr-id="39">per cent</g> on Tuesday as the engineering and construction major announced that it will list its IT services unit L&T Infotech by year-end.
The stock ended at Rs 1,765.05, up 1.96 <g data-gr-id="32">per cent</g> from its previous close on the BSE. During the day, it rose by 2.25 per cent to Rs 1,770. On the NSE, shares of L&T went up by 1.96 per cent to Rs 1,766.55 at close. In terms of volume, 2.23 lakh shares of the company changed hands at the BSE and over 15 lakh shares were traded at the NSE during the day.