Larsen and Toubro to invest $1 billion

Mumbai, June 11: Construction major, Larsen and Toubro Group will make a capex investment of more than USD 1 billion in next two to three years in various verticals of infotech divison of the company.

After inaugurating the new centre of L&T Infotech in Navi Mumbai today Mr. A M Naik, Managing director and Chairman of the company said as part of strategic initiative ''we will be investing heavily on information and technology sector''.

The company has also agressive growth plans in the infotech sector, and will be opening up five more software blocks across the country.

Talking about the plans on the infotech division, Naik expressed confidence that L&T Infotech will cross USD 1 billion turnover mark in the next two to three years.

''We want to make a mark in the IT sector as value creator rather than be involved in the game of volumes'', Mr Naik added.

L&T Infotech will focus on selected verticals such as banking and financial services insurance, manufacturing and product engineering services.

Mr. Naik informed that as a part of comprehensive branding exercise, L&T infotech has also developed branding strategy that is based on model business to IT connect.

L&T Infotech recovered well after initial hiccups just after its launch in 2001 and for the past two years has recorded consistent growth. In the year 2006-07 the company clocked a turnover of USD 287 million.

UNI