Mumbai, Jan 24 (PTI) In a move aimed at boosting growth,engineering and construction major Larsen & Toubro (L&T) todaysaid it has initiated a restructuring process that will resultin nine business verticals being empowered as independentcompanies, in addition to five existing subsidiaries.
"We have commenced the process of restructuring of thesenine operating units which will act like independent companiesgoing forward," L&T President and Board Member J P Nayak toldreporters here.The company took the help of an external agency for therestructuring process, he said without giving the name.
L&T has a sprawling and complex web of 64 businesses,ranging from power to roads and aerospace to switchgear.
L&T''s power, hydrocarbon, machinery & product,switchgear, heavy engineering, infrastructure, building &factories, metals & minerals and electrical businesses willmake up the nine independent companies (ICs).
"We see major growth opportunities in all the sectors weare present in. We are trying to be organised for this tomaintain our growth in future," Nayak said.
Each of these nine ICs will have a full-fledged Chairmanand CEO as head of the organisation and manage its own profitand loss account. Each will even have its own Board ofDirectors with at least three independent directors.
Nayak said L&T has already appointed Chief Executives forits ICs and will induct new directors for the business unitswithin two months. .