Larsen & Toubro`s Chairman AM Naik has kicked off a restructuring plan that will divide the Rs 3,7000 crore engineering and infrastructure behemoth into nine virtual companies. The L&T Board has approved this restructuring, and implementation of the plan is on in full swing.
Power, hydrocarbon, machinery and product, switchgear, heavy engineering, infrastructure, metals and minerals, building and factories, and electrical businesses will make up the nine independent companies of the Group. These independent companies will have a full-fledged Chief Executive Officer, Chief Financial Officer and HR head, and will manage its own profit and loss account independently. Some of these companies could reportedly be spun out of L&T and listed on the bourses before 2015.
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