“All I can say is that our (L&T) chairman (A.M. Naik) has said that the IPO will happen this year,” Newly appointed Managing Director & CEO Keshab Panda has been quoted as saying.
L&T Technology Services, a wholly-owned subsidiary of construction major L&T, is putting final touches to its proposed IPO, reports a financial newspaper. The IPO is slated to hit the market later this year, says the paper.
“All I can say is that our (L&T) chairman (A.M. Naik) has said that the IPO will happen this year,” Newly appointed Managing Director & CEO Keshab Panda has been quoted as saying.
In 2014, L&T hived off its engineering R&D arm as a separate unit, which now has a turnover of US$500 million, according to the business daily.
L&T Infotech, another subsidiary of L&T, is also planning to launch an IPO this year.
For L&T Tech Services, Internet of Things (IoT) and the increasing digitalisation of business processes happening in the US and Europe, are seen as big business opportunities, according to the paper.
“When we talk about IoT, it is not just getting data from industrial machines and analysing it but also designing systems,” says Panda.
Technologies like IoT seem to be have graduated from information heads of companies to Board members, according to him. “They have bought into this concept as they see it in all walks of their lives,” says Panda.
No comments:
Post a Comment