Larsen and Toubro has restructured its IT and engineering businesses.
This has been done to accelerate growth in the technology space, the company said on Friday. Keshab Panda, Mukesh Aghi and Vivek Chopra will join as directors on the L&T Infotech board.
L&T Infotech has been reorganised around two business clusters, “industrial” and “services”. L&T Integrated Engineering Services (IES) will be rebranded as L&T Technology Services.
L&T believes this restructure will help the company in growing these businesses.
Under the new structure, the ‘services’ cluster will include banking, financial services, insurance and areas such as travel & logistics, media & entertainment and healthcare. This group will house horizontals of testing, mobility, infrastructure management system and business intelligence / data warehouse, said a statement from the company.
The ‘industrials’ cluster will address manufacturing plants, establishments including wholesale, retail sale of products and establishments dealing with energy and utilities.
Larsen & Toubro is a $12.8 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
Shares in the Larsen and Toubro were trading at Rs 1,486, up 4.8 per cent or Rs 68 on the BSE in afternoon trade.