L&T Finance Holdings plans to sell a 3.5-4 per cent stake to private equity (PE) investors and raise about Rs 1,000 crore as capital to fund growth in the next two years.

The L&T group’s financial services arm expects to complete the process this financial year.

BENGALURU: Chief operating officer and board member of Larsen & Toubro Infotech Chandrashekar Kakal has quit the company.

Kakal’s exit comes at a time when the privately-held technology arm of Larsen and Toubro is looking to build a team of senior executives before it goes public next year.

Larsen and Toubro today said it has appointed former Infosys executive Sanjay Jalona as the Managing Director and CEO of its IT arm, L&T Infotech.

Jalona will operate out of L&T Infotech's office in New Jersey, USA.

Mumbai: India’s biggest engineering and construction company Larsen and Toubro Ltd (L&T) will monetize assets from time to time and “selectively bid for value-accretive projects in the roads and transmission line businesses”, said group executive chairman A.M. Naik in the company’s annual report for fiscal 2015.

Naik said L&T intends to unlock value of its information technology (IT) and technology services business.

Markets continued to remain range bound in late trades on Thursday as gains in pharma and capital goods shares helped offset losses in index heavyweights.

India which deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences also aided sentiment.

Mumbai: Mitsubishi Corp. (MC) and Larsen and Toubro Ltd (L&T) have won a ¥50 billion contract from state-run Steel Authority of India Ltd (SAIL) to construct a steel plant, Mitsubishi said in its statement on Wednesday.

Under the project, a hot strip mill with production capacity of 3 million tonne per annum will be constructed at SAIL’s Rourkela steel plant in Orissa.

The country’s biggest engineering and construction firm Larsen & Toubro (L&T) on Friday missed analysts’ estimate by posting a consolidated net profit at Rs 606.2 crore for the April-June quarter, a 37.3% decline over the same period last fiscal, with the company stating that the short-term business environment continues to remain challenging.

Consolidated net sales grew 6.7% to Rs 20,250 crore, which was in line with estimates. Of this, Rs 6,609 crore came from jobs being executed overseas, constituting 32% of the total revenues.

Engineering and Infrastructure major L&T's net for Q1 was down by 37% to Rs 606 crore against Rs 967 crore for the corresponding period last year.

Consolidated gross revenue registered a 7% growth as it rose to Rs 20,460 crore against Rs 18,970 crore.

Grameen Capital India today announced that L&T Finance has acquired 26% stake in the company for an undisclosed amount.

Grameen Foundation, Citicorp Finance, Amit and Arihant Patni are the other shareholders in the company.

L&T Hydrocarbon Engineering Ltd (LTHE), a subsidiary of Larsen & Toubro (L&T), on Wednesday said it has bagged an offshore contract from ONGC valued at Rs 2,715 crore.

The contract was won against international competitive bidding for the Oil & Natural Gas Corporation (ONGC) project at Bassein field near Mumbai coast in western offshore basin of India.

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