L&T Technologies Services, a wholly-owned subsidiary of Larsen & Toubro (L&T), has unveiled plans to achieve revenue of $1 billion and be one of the world’s top technology service providers.

The company plans to achieve this target by focusing more on markets such as Japan, the Middle East and Korea as well as through acquisitions.

After establishing itself as an independent company earlier this year, L&T Technology Services, a fully-owned subsidiary of Larsen & Toubro (L&T), is set to explore inorganic growth.

Late last month, the Mumbai-headquartered company took a controlling stake in Thales Software India , a Chennai-based captive software arm of Thales, the French defence major. It has now set its sights on acquisitions in client countries.

Mumbai: L&T Infrastructure Finance Co. Ltd will venture into non-infrastructure segments and offer working capital loans as it transforms into the role of a wholesale lender, chief executive G. Krishnamurthy said.

The company is promoted by L&T Finance Holdings Ltd, a subsidiary of Larsen & Toubro Ltd, India’s largest engineering company.

Even as most of its competitors were struggling, Larsen & Toubro (L&T) exited 2013-14 with fresh orders worth Rs 94,100 crore, up 15 per cent compared to the previous year. A third of these orders were from abroad, in line with the company's strategy to globalise and de-risk its business model.

While the company has been working on this strategy for about a decade, after it missed out to US and Korean rivals during the boom in the Gulf, it is now playing catch-up by setting up a strong base there.

Conglomerates are sometimes referred to as “corporate chaos” because of the complex web of businesses they manage. Shares of these companies tend to trade at a discount compared to standalone businesses, as investors find it difficult to gauge a fair value of the diverse businesses these behemoths house. India’s engineering and construction giant Larsen & Toubro has found itself at the receiving end of some very tough questions for these very reasons as investors believe it has spread itself too thin.

L&T Finance Holdings is trading higher by 2.5% at Rs 76.35 after the company said its board has approved to raise up to Rs 263 crore by issuing Cumulative Compulsorily Redeemable Preference Shares (CCRPS) on private placement basis.

Markets extended gains in morning trades with buying visible across all the sectors in today's trade. At 1030hrs, the Sensex was up 297 points at 25,396 and the Nifty advanced 87 points to trade at 7,595.

29 of 30 stocks are in green on the Sensex with TCS being the only exception, marginally down 0.06%

Mumbai: L&T Technology Services, a unit of Larsen and Toubro Ltd (L&T), said on Thursday that it has acquired a 74% equity stake in Thales Software India Pvt. Ltd, to strengthen its avionics business.

Avionics are the electronic systems used on aircrafts, artificial satellites, and spacecrafts.

Mumbai: Larsen and Toubro Ltd (L&T), India’s largest engineering firm, is relocating its mining unit to Kolkata from Chennai to be closer to the major mining belt of east India. It expects revenue to rise as the outlook for this core sector improves with the new government’s thrust on industrial growth.

“This division has been relocated to Kolkata from Chennai in bits and pieces… the design office and bulk materials handling are still in Chennai, but eventually everything will be in Kolkata,” said S.N. Roy, whole-time director and senior executive vice president (corporate affairs and power) at L&T.

Ashok Leyland Defence Systems has formed a consortium agreement with Larsen & Toubro (L&T) and Nexter Systems for the mounted gun systems (MGS) artillery programme of the Indian army.

The partnership was signed at Eurosasory, the world's largest defence exhibition, between Nexter, L&T and Ashok Leyland.

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