L&T Infotech targets $1B

By agencies   |   Monday, 12 June 2006, 07:00 Hrs
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MUMBAI: With proposals for major expansion plans, L&T Infotech has set to reach a target of $ 1 billion by the end of the decade, with plans to generate revenue worth $250 million by the fiscal end.

Taking the acquisition route and targeting valuable customers, L&T inaugurated its global headquarters in Mumbai on Friday. L&T Infotech Chairman and L&T Chairman and Managing Director, A.M. Naik announced the construction of five new development and technology center in Mumbai, Navi Mumbai, Chennai, Bangalore and Faridabad to a tune of Six billion. Two more new centers have been proposed in Baroda. Engineering and IT centers in Pune are on the cards of L&T plans. Investment for the centers under construction has come through internal accruals, which will add about 9,300 employees to its present workforce.

Naik also said that the company plans to enter the capital markets with a public issue by March 2008. “Before entering the markets, we want to stabilize our customer focus and add value to the company,” he said. However, the company does not plan to increase its customer base of about 150.

L&T Infotech focuses on manufacturing, utilities, communications and embedded services, and financial services. The manufacturing space is looking towards energy and petrochemicals, hi-tech, auto and construction equipment, packaged goods, industrial products and process industries, said Naik, who stated that with L&T’s movement from business to IT, these segment would offer the company tremendous growth and help it realize the revenue targets in the domain-specific offerings.

97 percent of infotech business comes internationally with North America contributing 67 percent. The manufacturing sector accounts for the company’s major revenue. The company plans to venture into West-Asia in the energy sector.

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