Mumbai: Larsen & Tourbo (L&T), India’ largest engineering and construction company, has scrapped a plan to develop a new port in Kacchigadh, near the temple town of Dwarka in Gujarat, owing to environmental reasons, according to two state government officials close to the development.

“L&T has written to the government that it no longer intends to pursue the port project in Gujarat due to environmental reasons. L&T had appointed the Gujarat Ecology Commission to carry out environmental studies and found that the place was full of corals and mangroves. As a result they want to exit,” said an official of the Gujarat Maritime Board (GMB), the state regulator of ports and maritime activities.

Mumbai: The Securities and Exchange Board of India (Sebi), on Thursday proposed to ease norms for infrastructure investment trusts (InvITs) as a way to encourage firms to unlock capital.

In September 2014, the capital markets regulator had allowed firms to launch real estate investment trusts (REITs) and InvITs to help cash-strapped developers get easier access to funds while creating a new investment avenue for institutions and wealthy individuals. However, infrastructure companies have been slow to respond as they sought a relaxation in rules and clarity on taxation.

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.

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