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 L&T office inManapakkam,Chennai with core sector divisions | |
| Company type | Public |
|---|---|
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| ISIN | INE018A01030 |
| Industry | Conglomerate |
| Founded | 7 February 1946; 79 years ago (7 February 1946)[1] Bombay,Bombay Presidency,British India (present-dayMumbai,Maharashtra,India) |
| Founders | |
| Headquarters | L&T House,Ballard Estate, Mumbai, Maharashtra ,India[2] |
Area served | Worldwide |
Key people |
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| Products |
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| Services | |
| Revenue |  ₹259,859 crore (US$31 billion)[3] (2025) |
| ₹23,104 crore (US$2.7 billion)[3] (2025) | |
| ₹17,687 crore (US$2.1 billion)[3] (2025) | |
| Total assets | ₹379,524 crore (US$45 billion)[4] (2025) |
| Total equity | ₹115,404 crore (US$14 billion)[4] (2025) |
Number of employees | 407,438 (including 348,094 workmen)[5] (2024) |
| Divisions |
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| Subsidiaries |
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| Website | www |
Larsen & Toubro Limited (L&T) is an Indian multinationalconglomerate, with interests inindustrial technology,heavy industry,engineering,construction,manufacturing,power,information technology,defence andfinancial services. It is headquartered inMumbai,Maharashtra.
L&T was founded in 1938 inBombay by Danish engineersHenning Holck-Larsen andSøren Kristian Toubro.[6][7]
As of 31 March 2022, the L&T Group comprises 93 subsidiaries, 5 associate companies, 27 joint ventures and 35 jointly held operations, operating across basic and heavy engineering, construction, realty, manufacturing of capital goods, information technology, and financial services.[8]
On 1 October 2023,S N Subrahmanyan took charge as Chairman and Managing Director of L&T.[9]
Henning Holck-Larsen and Søren Kristian Toubro were in India to represent the interests of the Danish dairy equipment manufacturerFLSmidth when they founded L&T through an oral agreement in 1938. The company was legally incorporated in 1946.[7]
The start ofWorld War II in 1939 and the resulting blockade of trade, led Larsen and Toubro to undertake jobs and provide service facilities. TheGerman invasion of Denmark in April 1940 stopped supplies of Danish products. The war-time need to repair, refit, and degauss ships offered L&T an opportunity, and led to the formation of a new company, Hilda Ltd, to handle these operations. L&T also started to repair and fabricate ships. Theinternment of German engineers in India who were to construct asoda ash plant for theTata Group gave L&T a chance to enter the field of installation.[10]
In 1946, they incorporated Engineering Construction & Contracts Ltd. (ECC) to focus on construction projects. ECC now exists as the construction division of L&T.[7] By 1947, the company represented the manufacturers of equipment used to manufacture products such ashydrogenated oils,biscuits, soaps and glass. In 1947, the company signed an agreement withCaterpillar Tractor Company to marketearth moving equipment. At the end of the war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the finances required were beyond the capacity of the partners. This prompted them to raise additional equity capital, and on 7 February 1946, Larsen & Toubro Private Limited was incorporated.[10]
In 1947, the firm set up offices inCalcutta andMadras andNew Delhi. In 1948, 22 hectares (55 acres) of undeveloped marsh and jungle was acquired inPowai, Mumbai. In December 1950, L&T became a public company with a paid-up capital of₹20 lakh (equivalent to₹22 crore or US$2.6 million in 2023). The sales turnover in that year was₹1.09 crore (equivalent to₹120 crore or US$14 million in 2023). In 1956, a major part of the company's Bombay office moved to ICI House inBallard Estate, which would later be purchased by the company and renamed as L&T House, its present headquarters.[10]
During the 1960s, ventures included the Utkal Machinery Limited (UTMAL) (set up in 1960), Audco India Limited (1961), Eutectic Welding Alloys (1962) and Tractor Engineers Limited (TENGL) (1963).[10]
In 1965, the firm had been chosen as a partner for buildingnuclear reactors. Dr.Homi Bhabha, chairman of theAtomic Energy Commission had approached L&T in the 1950s to fabricate critical components for nuclear reactors.
During the 1970s, L&T was contracted to work withIndian Space Research Organisation (ISRO). ChairmanVikram Sarabhai chose L&T as manufacturing partner.[11]
In 1976, ECC bid for a large airportproject inAbu Dhabi. ECC's balance sheet, however, did not meet the bid's financial qualification requirement. So it was merged into L&T. ECC was eventually rechristened L&T Construction and now accounts for the largest slice of the group's annual revenue.[12]
In 1985, L&T entered into a partnership with theDefence Research and Development Organisation (DRDO). L&T was not yet allowed by the government to manufacture defence equipment but was permitted to participate in design and development programmes with DRDO. After the design and development was done, the firm had to hand over all the drawings to DRDO. TheIndian government would then assign the production work to a public sector defence unit or ordnance factory for manufacture. The firm currently makes a range of weapon and missile systems, command and control systems, engineering systems, and submarines through DRDO.[11] Larsen & Toubro established afinancial services subsidiary called L&T Finance in November 1994.[13]
In 2015, the company began developing commercial, retail and office space around theHyderabad Metro Rail project.[14] In June 2019, the company acquired a controlling stake in IT services companyMindtree.[15] In 2022, L&T purchased the whole ownership stake that was held byChiyoda Corporation, a Japanese engineering company, in their joint venture, L&T-Chiyoda, which was formed in 1994.[16]
As of 2024, L&T is India's largest private-sector defence manufacturing company by revenue.[17] The company is also in the process of expanding itsspace business, which includes manufacturing spacelaunch vehicles andsatellites, as of 2024.[17] L&T is the production partner for the DRDO designedZorawarlight tank, a prototype for which was unveiled in 2024.[18][19]
In January 2025, theMinistry of Defence rejected the joint bid by L&T andNavantia, a Spanish shipbuilding company, for theIndian Navy'sProject-75(I) submarine program for technical reasons.[20] L&T, in a consortium withHindustan Aeronautics Limited, is also manufacturing the first privately built variant of thePolar Satellite Launch Vehicle (PSLV), designated PSLV-XL N1, which is scheduled to launch in 2025.[17][21]
In March 2025, L&T was awarded an order fromQatarEnergy LNG, a Qatariliquefied gas company, for the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes for the North Field Production Sustainability Offshore Compression Project.[22] The order, worth US$4 billion, is the largest order in L&T's history.[22]
As of 31 March 2022, L&T has 93 subsidiaries, 5 associate companies, 27 joint ventures and 35 joint operations.[25]
L&T has across the decades exited from several businesses. These include:
L&T sold its 16.5 million tonne/per year capacity cement division toUltraTech Cement and also divested its 8.5% stake in A V Birla group companyGrasim Industries in 2004.[40]
In 1992, L&T established a 50-50 joint venture withJohn Deere to manufacture tractors in India, called L&T - John Deere. L&T sold their interest to John Deere in 2005.[41]
In 1992, L&T established L&T-Case Construction with CNH Global as a 50-50 joint venture to build backhoes. In 2011, L&T sold its share to CNH, and the company was renamed Case New Holland Construction Equipment India.[42]
In 1987, L&T launched the L&T Medical Equipment & Systems division.[43] In November 2012, it was sold to Skanray Technologies Pvt Ltd.[44] It manufactures surgical robots, MRI, X-ray, DR Imaging etc.
EWAC Alloys Limited was a wholly owned subsidiary of L&T. The company was engaged in design & development, manufacture and supply of special welding electrodes, gasbrazing rods and fluxes,welding torches and accessories, atomised metal powder alloys, flux cored continuous wires & wire feeders, polymer compounds & wear-resistant plates.
Prof Wasserman, founder of Eutectic Castolin, and Henning Hock Larsen, founder of L&T, founded the Eutectic Division in India in the year 1962. Eutectic Castolin was later merged into theMesser Group of companies, Germany and referred as Messer Eutectic Castolin (MEC). In 2010, L&T, bought the entire stake from Messer to become the wholly owned subsidiary of it. The current headquarters is in Ankleshwar, Gujarat (India), and the products are sold under the name EWAC.
L&T sold its entire stake in unlisted subsidiary EWAC Alloys to UK-registered ESAB Holdings for a total consideration of Rs 522 crore. The share purchase agreement has been executed on 11 October 2017.[45] The acquirer ESAB offers products for welding and cutting process. In 2012, ESAB was acquired by Colfax Corp., a diversified industrial manufacturing company based in the US.
In November 2009, Larsen and Toubro (L&T) sold itspetroleum dispensing pump (PDP) business toGilbarco Veeder-Root, a US-based payments systems company, for around Rs 150 crore.Gilbarco has signed a definitive purchase agreement to acquire the business. With the completion of acquisition, L&T's PDP business will become part of a new division called Gilbarco Veeder-Root India Pvt Ltd.[46]
This was ajoint venture of L&T and Kobe Steel of Japan, to manufacture internal mixers and twin screw roller-head extruder's for the tyre industry. L&T sold its entire 51% stake in L&T Kobelco Machinery Private to its joint venture partner in the company, Kobe Steel of Japan, for Rs 43.5 crore.[47]
L&T was an international manufacturer of electrical and electronic products and systems. The company manufactured custom-engineered switchboards for industrial sectors like power, refineries, petrochemicals and cement.[48] In the electronic segment, L&T offered a range ofmetres and provides control automation systems for industries. In May 2018, the firm signed a definitive agreement withSchneider Electric for the strategic divestment of its electrical and automation (E&A) business in an all-cash deal of ₹14,000 crore.[49] The deal was completed on 31 August 2020 after receiving the requisite regulatory approvals. L&T has said that its exit from the electrical and automation business is a part of its strategic portfolio review process.[50]
L&T Mutual Fund was themutual fund company of the L&T Group. Its averageassets under management (AUM) as of May 2019 is₹ 73,936.68 crore.[51] On November 26, 2022, L&T Mutual Fund was sold toHSBC.[52]
Larsen & Toubro, signed an agreement to divest its stake in L&T IDPL to a portfolio company of Infrastructure Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives in December 2022. The transaction is subject to completion of customary closing conditions including receipt of applicable regulatory and other approvals.[53]
Theequity shares of the company are listed on theBombay Stock Exchange (BSE) and theNational Stock Exchange of India (NSE). The company's shares constitute a part of theBSE SENSEX of the BSE as well as theNIFTY 50 index of the NSE.[54] Itsglobal depository receipts (GDR) are listed on theLuxembourg Stock Exchange andLondon Stock Exchange.[54]
Shareholders as of 31 December 2022[55]
| Category | No. of Shares | % |
|---|---|---|
| Financial Institutions | 21,28,76,252 | 15.15 |
| Foreign Portfolio Investors | 32,30,70,981 | 22.99 |
| Shares underlying GDRs | 1,85,26,770 | 1.32 |
| Mutual Funds | 24,49,70,289 | 17.43 |
| Bodies Corporate | 1,51,76,276 | 1.08 |
| Qualified Institutional Buyer | 8,85,65,413 | 6.30 |
| Directors & Relatives | 17,84,815 | 0.13 |
| L&T Employees Trust | 19,25,58,158 | 13.70 |
| Others | 30,78,35,173 | 21.90 |
| TOTAL | 1,40,53,64,127 | 100.00 |
As on 31 March 2022, the company had 45,615 permanent employees, out of which 2,997 were women and 48 employees with disabilities. At the same period company had 200,062 workers on contract basis.[56]
An agreement has been signed by Nibe Space, a division of Nibe Defence and Aerospace on 9 September 2024, with Larsen & Toubro,Skyroot Aerospace,Centum Electronics,AgniKul Cosmos, SpaceFields, Sisir Radar and CYRAN AI Solutions for the launch of India's first constellation of multi-sensor, all-weather, high-revisit Earth observation satellites.[64]
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In January 2025, an undated video of Subrahmanyan’s New Year address sparked widespread controversy online. In the video, an employee is heard asking why Larsen & Toubro, one of India's largest conglomerates, requires employees to work on Saturdays. In response, Subrahmanyan expressed remorse not being able to make employees work on Sundays, stating it would make him happier since he himself works on Sundays.[65] He further questioned that what do employees do "sitting at home" and how long could spouses stare at each other, suggesting that employees should "Get to the office and start working" on Sundays instead.[66][67] Shortly after the video went viral, Meena Subrahmanyan, his wife, became the target of widespread trolling on social media due to her husband's remarks.[68]
Subrahmanyan justified this stance by citing a conversation with a Chinese individual who claimed that China's longer work hours could enable them to surpass the United States.[65] He subsequently endorsed a 90-hour workweek for employees, adding that such effort was necessary for achieving success.[65] However, his statements were contradicted by a 2021United Nations report, which highlighted the detrimental effects of excessive work hours on mental and physical health.[69]
The remarks reignited concerns about toxic work environments in India, especially following the 2024 suicide of an Indian Chartered Accountant and death due to heart attack of another one attributed to work pressure.[70] This controversy also brought attention to Subrahmanyan’s substantial remuneration in 2024, which amounted to ₹510,000,000 (approximately $6,000,000 in 2025), compared to L&T’s median employee salary of ₹955,000 (approximately $11,000 in 2025).[71]
Prominent figures such asHarsh Goenka,Deepika Padukone,Anand Mahindra,Anupam Mittal andCyrus Poonawalla expressed their disapproval of Subrahmanyan’s remarks on social media.[72][73][74][67] A spokesperson for Larsen & Toubro defended his statements, describing them as a call for collective dedication and effort to drive progress and achieve the shared vision ofIndia, emphasizing that extraordinary outcomes demand extraordinary effort.[75]
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