Mumbai: The government’s Make in India initiative has failed to create enough jobs as companies across sectors still prefer to import goods instead of manufacturing locally, said Larsen and Toubro Ltd chairman A.M. Naik.

“The Prime Minister’s Make In India programme, which is spoken about a lot, has to do a lot more.

Infrastructure major Larsen and Toubro (L&T) on Wednesday said it plans to raise up to Rs 1,400 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

The company, however, did not elaborate on the reasons for raising funds.

Top officials of Larsen and Toubro Ltd, HDFC Bank and Paytm have donated about Rs 15 crore to the Chief Ministers Relief Fund in Bihar.

A cheque of Rs 10 crore was presented to Chief Minister Nitish Kumar by the CEO and MD of Larsen and Toubro Shailesh Roy in presence of assembly Speaker Vijay Kumar Chaudhary on Thursday, a release said.

India’s gross domestic product (GDP) growth will be 6.5 per cent this year, and accelerated spending is unlikely to happen in the next 18 months, according to A M Naik, chairman of Larsen & Toubro (L&T), the country’s largest engineering conglomerate.

“Growth is going to be not more than 6.5 per cent this year.

A part of Larsen and Toubro’s ₹9,000 crore worth of projects in Andhra Pradesh is at stake as the new government headed by Jaganmohan Reddy has decided to review all projects where less than 25% of the work has been completed.

Asked for comments, L&T MD & CEO S.N. Subrahmanyan said, “This initial way of looking over the previous regime slows down the progress.

Larsen and Toubro (L&T) on Tuesday reported a decent set of numbers for the three months to June but indicated that a revival in private sector capex was a good 12-18 months away.

The engineering firm reported a smart 21% year-on-year jump in consolidated net profit to Rs 1,473 crore, though revenues grew at a sedate 10% y-o-y to Rs 29,636 crore. Moreover, fresh orders during the quarter were up a modest 11% y-o-y to Rs 38,700 crore.

Infrastructure company Larsen & Toubro Friday said its power business has bagged “significant” orders from Damodar Valley Corporation (DVC) to set up flue gas desulphurisation (FGD) systems in three of its power plants.

DVC’s three plants where FGD systems will be set up are Durgapur Steel Thermal Power Station (2×500 MW), Mejia Thermal Power Station (2×500 MW) and Raghunathpur Thermal Power Station (2×600 MW) – in West Bengal, Larsen & Toubro (L&T) said in a regulatory filing.

L&T Infotech said on Wednesday that it is set to acquire Bengaluru-based firm Lymbyc that specialises in artificial intelligence, machine learning and advanced analytics. This would be L&T Infotech’s (LTI) fifth acquisition since its listing in 2016. The transaction is expected to close within four to six weeks with the 100% acquisition to be done via cash. LTI said the enterprise value for 100% share capital of Lymbyc is Rs 38 crore on a cash-free, debt-free basis which will be paid as a combination of upfront and three-year earn-out payments.

Mindtree’s new promoter Larsen and Toubro (L&T) Tuesday assured shareholders that it will provide further impetus to the IT firm’s growth by providing board-level oversight and relevant client connects. Earlier this month, L&T became the new promoter of Mindtree after acquiring 60.06 per cent stake in the Bengaluru-based company.

New Delhi: Construction major Larsen & Toubro, which holds over 60 per cent stake in Mindtree, said on Tuesday it has made payments to shareholders who tendered their shares successfully in the recently-concluded open offer.

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