New Delhi, Jun 12 (UNI) Engineering and Construction major Larsen&Toubro Ltd (L&T) today said it will delay listing of L&T Infotech till next fiscal as the software unit has not achieved its revenue target and market conditions are unfavourable.
''The company will delay listing its software unit L&T Infotech to 2009-10 as the unit has not reached a revenue target and market conditions are unfavourable,'' company CMD A M Naik told reporters here.
L&T Infotech had planned the initial public offering of its shares in the second half of current fiscal. However, it had not reached a revenue threshold of 500 million dollars, Mr Naik said. The company's current revenue stands at 400 million dollars, a short by 100 million dollars by the set benchmark.
The company also plans to list its another unit, L&T Infrastructure Development Projects Pvt Ltd, in the fiscal 2010-11, the CMD said.
After these two listing, the company's another subsidiary, L&T Finance Ltd, will hit the capital market in financial year 2011-12, he added.
UNI MP SR AS2012